Quote of the Day
"Embracing imperfection doesn’t mean settling for mediocrity or complacency. It means striving for excellence while acknowledging that mistakes and setbacks are a natural part of the journey."
(Vishal Khandelwal)
Chart of the Day
Tobacco companies are acknowledging the accelerating decline in U.S. cigarette sales. (chart via YCharts)
Rates
- 10-year Treasury yields are down nearly 100bp from their peak. (axios.com)
- 30-year mortgage rates have dropped from 8% back to 7%. (housingwire.com)
Companies
- P&G ($PG) is still writing down the value of Gillette. (wsj.com)
- What phrases and words companies stood out in conference calls in 2023? (ft.com)
VC
- SimpleClosure, a start-up that helps other start-ups wind down their operations, is doing a booming business. (nytimes.com)
- Is Austin, TX losing its luster as a startup hub? (techcrunch.com)
SpaceX
- SpaceX is reportedly planning a tender offer for employee shares at a $175 billion valuation. (yahoo.com)
- Why SpaceX continues to win new launch business. (bloomberg.com)
Bonds
- Vanguard is launching new actively managed bond ETFs. (barrons.com)
- Electronic trading of corporate bonds is growing, albeit slowly. (axios.com)
Economy
- Kyla Scanlon, "People are complex and economics doesn’t (can’t!) take that into consideration." (kyla.substack.com)
- Some things you don't see in a recession including 'Above trend consumer spending.' (carsongroup.com)
- Not everything is getting more expensive. (businessinsider.com)
- Still no sign of a sustained pickup in weekly initial unemployment claims. (bonddad.blogspot.com)
- Heavy truck sales grew in November. (calculatedriskblog.com)
- Restaurant wage growth is coming back to earth. (axios.com)
Earlier on Abnormal Returns
- Longform links: acting extroverted. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: no secret tricks. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)