MarketsJust because the stock market is at all-time highest doesn’t all stocks are. (awealthofcommonsense.com)The Dow is off to one of its best starts to the year in history. (sentimentrader.com)Corn prices are soaring. (wsj.com)ValuationsIt’s hard to see how U.S. equity market returns over the next decade match the past decade. (theirrelevantinvestor.com)What can you do about high valuations? Diversify. (compoundadvisors.com)CryptoCryptocurrency companies are on a hiring spree for Washington lobbyists. (nytimes.com)A mothballed coal plant is being revived to help power a crypto mining operation. (arstechnica.com)CompaniesElon Musk is playing a different game than everyone else. (notboring.co)What pain points Walmart ($WMT) has identified, post-pandemic. (vox.com)Sony ($SNE) says that PlayStation 5s will be in short supply for awhile. (finance.yahoo.com)FinanceSPACs … [Read More...]

MarketsThe idea of the stock market as being a ‘game’ goes back to the beginning of markets. (investoramnesia.com)Why investors are looking for returns wherever they can find them. (humbledollar.com)StrategyBe on alert when your advisor’s risk profile takes a turn towards risk. (wsj.com)Being right about an industry’s success does not guarantee you will pick the winning companies. (brooklyninvestor.blogspot.com)CryptoThe media doesn’t make bubbles, it reflects them. (thereformedbroker.com)Why active management is alive and well in cryptoland. (ospreyfunds.io)Crypto is one reason why markets are so weird. (howardlindzon.com)The crypto boom via Google Trends. (brontecapital.blogspot.com)CompaniesCapital keeps flowing into the ‘Amazon Aggregator’ space. (axios.com)Impulse items, gum and candy, took a hit in pandemic. (wired.com)Millennials don’t care if their diamonds are lab-made. … [Read More...]

VaccinesPfizer ($PFE) is seeking full FDA approval of its Covid vaccine. (politico.com)Moderna ($MRNA) sold 500 million vaccine doses to COVAX. (barrons.com)CureVac is set to become the third provider of RNA-based vaccines. (nytimes.com)Patents are not what is holding back Covid vaccine supply. (marginalrevolution.com)ImmunityA single dose provides high efficacy among those with a prior Covid infection. (sciencedaily.com)How mixing and matching vaccine doses could induce bigger antibody responses. (npr.org)Who will be first in line to receive booster shots? (cnbc.com)Vaccine The era of mass vaccination is over. Now the hard work begins. (theatlantic.com)Researchers are already looking at new, cheaper and easier ways to administer Covid vaccines. (wsj.com)Vaccine doses are going to waste due to a lack of the proper syringes. (wsj.com)Post-… [Read More...]

AutosThe theory behind just-in-time auto manufacturing has taken a hit in pandemic. (wsj.com)Vehicle buyers are so desperate they are actually buying sedans. (theverge.com)A sensible intervention that would reduce teen driving fatalities. (papers.ssrn.com)EnergyThe hurdles that prevent airports from being turned into solar farms. (wired.com)Carbon prices are surging in Europe. (ft.com)EnvironmentThe NOAA has issued new ‘normal’ climate datasets for the U.S. (theconversation.com)Why the EPA will finally be able to start regulating the use of hydroflurocarbons. (vox.com)Making aluminum is dirty, this process may help clean it up. (bloomberg.com)Italy DGAF about European turtle doves. (independent.co.uk)TravelA return to travel will help leisure-focused airlines. (axios.com)A slew of startup airlines are set to launch in 2021. (wsj.com)Furloughed pilots … [Read More...]

Katy MilkmanRuss Roberts talks with Katy Milkman author of “How to Change: The Science of Getting From Where You Are to Where You Want to Be.” (econtalk.org)Brett McKay talks with Katy Milkman author of “How to Change: The Science of Getting From Where You Are to Where You Want to Be.” (artofmanliness.com)Robert CialdiniScott Galloway talks with Robert Cialdini author of “Influence, New and Expanded: The Psychology of Persuasion.” (podcasts.apple.com)Michael Covel talks with Robert Cialdini author of the newly published “Influence, New and Expanded: The Psychology of Persuasion.” (trendfollowingradio.com)FinanceRick Ferri talked with Jeff Ptak about the key aspects of the active versus passive debate. (bogleheads.podbean.com)Barry Ritholtz talks big real estate trends with Jonathan Miller, CEO of Miller … [Read More...]

StrategyAdding riskier bonds doesn’t fix the 60/40 portfolio. (morningstar.com)Lessons from the 2021 Berkshire Hathaway ($BRK.A) shareholder meeting including ‘It’s hard for companies to stay on top.’ (novelinvestor.com)SPACsWhy Grab going public via SPAC is a big deal. (wsj.com)Why who is on a SPAC’s board matters. (nytimes.com)FundsRetail ARK Invest investors are a dedicated bunch. (theirrelevantinvestor.com)Mutual fund AUM continues to flow into lower cost funds. (riaintel.com)CanadaHigher Covid case counts are putting pressure on the Canadian economy. (bnnbloomberg.ca)Canada’s vaccine roll-out has been plagued with problems and confusion. (bnnbloomberg.ca)Vancouver, BC is a hot bed for anti-Asian hate crimes. (bloomberg.com)RestaurantsWorker shortages are going to spur more restaurant automation. (news.crunchbase.com)What restaurants are doing to re-launch including smaller menus. (wsj.com)The … [Read More...]

Book stuffA Q&A with Julia Galef author of “The Scout Mindset.” (vox.com)A Q&A with Katy Milkman author of “How to Change: The Science of Getting from Where You Are to Where You Want to Be.” (mailchi.mp)A Q&A with Michael Moss’ new book “Hooked: Food, Free Will, and How the Food Giants Exploit Our Addictions.” (gq.com)A Q&A with Suzanne Simard author of “Finding the Mother Tree.” (npr.org)ProfilesMartha Stewart has remained relevant for four decades: lessons learned. (notboring.co)A new book calls into question just how much of Frank Abagnale’s story is actually true. (whyy.org)A profile of Guy Fieri and his work to help support restaurant workers. (hollywoodreporter.com)TasteIt’s not your imagination: all new buildings look … [Read More...]

MarketsAnother measure of how strong the stock market was in April. (sentimentrader.com)Putting the rise in commodity prices into perspective. (priceactionlab.com)StrategyTen things investors really shouldn’t care about including ‘Financial advice from billionaires.’ (awealthofcommonsense.com)What to do instead of trying to time the stock market. (blog.validea.com)Active management exists in part due to investors’ unwillingness to look at base rates. (behaviouralinvestment.com)Notes from Arthur Crump’s 1874 book “The Theory of Stock Exchange Speculation.” (novelinvestor.com)FinanceWhy private equity is losing its mystique (economist.com)Fidelity now has 83.4 million total accounts and $10.4 trillion assets under administration. (cnbc.com)Does Bitcoin belong in a bank/financial mutual fund? (bloomberg.com)EconomyWhenever the Fed starts talking about tapering the stock market will freak out. (thereformedbroker.com)Weekly initial unemployment claims are levels … [Read More...]

StrategyFive things to consider before selling a big winner, i.e. concentrated position. (awealthofcommonsense.com)Some common mistakes investors make including letting ‘the tax tail wag the investment dog.’ (thefinancialbodyguard.com)CryptoGalaxy Digital buys BitGo in a move to become a ‘one-stop shop for institutions.’ (coindesk.com)Bitcoin is coming to a bank near you. (cnbc.com)It’s hard to talk seriously about a joke cryptocurrency. (ft.com)Grayscale Investments is now an official sponsor for the New York Giants. (markets.businessinsider.com)How much energy does Bitcoin actually consume? (hbr.org)CompaniesIt’s hard to fathom just how big, Big Tech has become. (theirrelevantinvestor.com)The world’s biggest confectionery brands have been surprisingly durable. (fortunefinancialadvisors.com)Venture capitalTiger Global is raising a new $10 billion growth equity fund. (axios.com)Just how profitable is … [Read More...]

Research round-upsA review of best white papers from the past month including ‘Process Makes Perfect.’ (bpsandpieces.com)Some recent research papers on interest rates and the yield curve including ‘Beyond the Yield Curve: Understanding the Effect of FOMC Announcements on the Stock Market.’ (capitalspectator.com)BehaviorWeather affects mood – even for portfolio managers and analysts. (institutionalinvestor.com)Myopic loss aversion is seen in lab settings as well. (papers.ssrn.com)ResearchLow vol shouldn’t work, but it does. (blog.validea.com)The stock market may not be a pure random walk, but you should ask as it is. (theirrelevantinvestor.com)The Aggregate Investor Allocation to Equities does a better job than other more popular market valuation measures. (alphaarchitect.com)Broad-based and thematic ETFs are segmented markets. (alphaarchitect.com)Greater founder power is one … [Read More...]

MarketsThe transportation stocks are on a historic roll. (sentimentrader.com)The commodity futures markets are once again in backwardation. (mrzepczynski.blogspot.com)StrategyInvesting without a plan is a recipe for disaster. (awealthofcommonsense.com)Talking your book makes it harder to change your mind. (ensofinance.blog)CryptoWhere the Bitcoin ETF filings stand. (etftrends.com)Just how much Grayscale earns from the Grayscale Bitcoin Trust ($GBTC). (etf.com)SPACsWhy Gores Group has so much credibility with SPAC investors. (wsj.com)SPAC-backed Apex Clearing is hitting on all cylinders. (riabiz.com)Making the case that the SPAC boom seems to have peaked. (ft.com)FinanceThe competition in servicing the secondary market for startup shares is growing. (cnbc.com)Wealthsimple is on its way to becoming a financial super-app. (protocol.com)Big banks are urging corporate clients to put cash … [Read More...]

April 2021Every major asset class was higher in April 2021. (capitalspectator.com)The stock market is up 10 of the past 13 months. (crossingwallstreet.com)Bond returns had a reprieve in April. (humbledollar.com)MarketsWhy didn’t the stock market tank on the prospects of a capital gains tax hike? (nytimes.com)Americans equity holdings have never been higher as a percentage of assets. (wsj.com)The commodity market rally is broad-based. (ft.com)StrategyWhy the stock market is in a ‘rational bubble.’ (awealthofcommonsense.com)A lot of market bubbles come about when a new technology emerges. (evidenceinvestor.com)CryptoDoes it matter than Charlie Munger hates Bitcoin? (theirrelevantinvestor.com)Ethereum has outgained Bitcoin YTD. (finance.yahoo.com)Berkshire HathawayGreg Abel would takeover Berkshire Hathaway ($BRK.A) when Buffett leaves. (barrons.com)Three insights from the Berkshire Hathaway ($BRK.A) annual … [Read More...]

MarketsTalking about ‘Big Tech’ obscures a lot of differences below the surface. (realreturns.blog)Commodity booms are a recurring feature of markets. (investoramnesia.com)Berkshire HathawayA review of what Warren Buffett and Charlie Munger said at the Berkshire Hathaway ($BRK.A) annual shareholder meeting. (cnbc.com)Berkshire Hathaway ($BRK.A) is noting inflation in its businesses. (nytimes.com)SPACs are one reason why Berkshire ($BRK.A) is unable to get deals done. (bloomberg.com)CryptoAndreessen Horowitz is out fundraising for a $1 billion fund focused on crypto (ft.com)What’s behind the Dogecoin phenomenon? (businessofbusiness.com)Signs of froth in the crypto space. (mr-stingy.com)PolicyYoung people haven’t changed that much, what has changed is the economy. (theatlantic.com)Slowing population growth is an existential crisis for the U.S. (bloomberg.com)A booming IPO market … [Read More...]

J&J pauseWhy the J&J pause was a disaster. (marginalrevolution.com)We really won’t ever know how many lives the J&J ($JNJ) pause cost. (surowiecki.medium.com)The J&J ($JNJ) pause has caused widespread fear of it. (washingtonpost.com)Second dosesThe vast majority of Americans are getting their second doses. (nytimes.com)A single-dose does not mean you are fully vaccinated. (washingtonpost.com)One dose is good. A second dose is ten-times better. (nytimes.com)CompaniesModerna ($MRNA) is planning to double vaccine production in 2022. (msn.com)BioNTech ($BTNX) is confident that the vaccine will work against the Indian variant. (ft.com)The Novavax ($NVAX) vaccine is coming but needs to overcome some manufacturing bottlenecks. (politico.com)Vaccitech ($VACC), the company that owns the technology behind the Oxford/AstraZeneca coronavirus vaccine, has … [Read More...]

EVsElectric trucks are going to help change the mindset of many people. (wsj.com)New technology is going shift the auto industry from one focused on ownership to more of a service. (wsj.com)Hybrid vehicles provide more environmental bang for the buck than EVs. (ft.com)The new Mustang-E is driving new customers to Ford ($F). (theverge.com)EnergyThe benefit of residential solar are not just in lower electricity bills. (slate.com)The falling price of solar energy continues to surprise. (theguardian.com)Tesla’s ($TSLA) solar shingles are an expensive, niche product. (nytimes.com)MethaneThe U.S. is reinstating regulations on methane emissions. (cnbc.com)Glassblowing and blacksmithing using a lot of energy: captured methane gas can help. (bittersoutherner.com)WaterWater shortages are an issue out West but Southern California is sitting pretty. (bloomberg…. [Read More...]

MarketsThe decline of March 2020 is already fading from investors’ memories (wsj.com)Q1 earnings are coming in better than expected. (axios.com)Berkshire HathawayBerkshire Hathaway’s ($BRK.A) outperformance relative to the market has been declining for a long time. (evidenceinvestor.com)Berkshire Hathaway ($BRK.A) is pushing back against a climate shareholder proposal. (nytimes.com)CompaniesBig Tech is hitting on all cylinders. (nytimes.com)Amazon ($AMZN) Prime Video streaming hours are up more than 70% year over year. (variety.com)YouTube will generate nearly as much revenue as Netflix ($NFLX) in 2021. (cnbc.com)Founder control of a company no longer comes along with a discount. (axios.com)FoodWhy mushrooms seem to be everywhere these days. (nytimes.com)Why the U.S. has a shortage of chicken wings. (washingtonpost.com)Why fish sticks never made sense. (theatlantic.com)EconomyWhat … [Read More...]

Book excerptsAn excerpt from David Epstein’s “Range: Why Generalists Triumph in a Specialized World.” (slate.com)A Q&A with Joachim Klement author of “Risk Profiling and Tolerance: Insights for the Private Wealth Manager.” (blogs.cfainstitute.org)The rich really are different. An excerpt from “Jackpot: How the Super-Rich Really Live—and How Their Wealth Harms Us All” by Michael Mechanic. (timothynoah.substack.com)MediaA profile of super-agent Ari Emanuel as he looks to bring Endeavor public. (newyorker.com)What it’s like to open a small-town bookstore amid pandemic. (texasmonthly.com)In case you haven’t yet been convinced to watch ‘Ted Lasso.’ (patreon.com)LongreadsThe best investment managers are trying to do something more than generate returns. (institutionalinvestor.com)The office was never just one thing: what comes next … [Read More...]

MarketsWhy it’s hard for older generations to understand changes in the investment landscape. (thereformedbroker.com)Bull markets engender all manner of frauds and scams. (awealthofcommonsense.com)LumberHigher lumber prices have added $35,872 to the price of a new home over the past year. (housingwire.com)The lumber futures market is too illiquid for professional trend followers. (rcmalternatives.com)What role climate change is playing in higher lumber prices. (theatlantic.com)AppleHitting on all cylinders: Apple’s ($AAPL) record quarter in charts. (sixcolors.com)Apple ($AAPL) does seem to be reducing production of AirPods. (asia.nikkei.com)The M1 chip has been a success. What will the M2 bring? (sixcolors.com)CompaniesExxonMobil ($XOM) has attracted an activist investor. (axios.com)The hype has died down, but r/WSB is still moving stocks. (businessofbusiness.com)FinanceJP Morgan Chase ($JPM) is … [Read More...]