Abnormal Returns

JUNE 29, 2025

Newsletters Make sure you stay on top of everything on Abnormal Returns. Sign up for our (free) daily e-mail newsletter. (abnormalreturns.com) Are you a financial advisor? Sign up for our (free) weekly advisor-focused newsletter. (newsletter.abnormalreturns.com) Top clicks this week Don't mix politics and investing. (klementoninvesting.substack.com) Does it matter if the stock market actually falls 20%?

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JUNE 27, 2025

Economics Noah Smith talks abundance with Derek Thompson. (noahpinion.blog) Derek Thompson talks with NYC Democratic mayoral nominee Zohran Mamdani. (derekthompson.substack.com) Danny Crichton and Laurence Pevsner author of “Rebooting a Nation: The Incredible Rise of Estonia, E-Government and the Startup Revolution.” (podcasts.apple.com) Tyler Cowen talks central banking with president of the Chicago Fed Austan Goolsbee.

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JUNE 27, 2025

Strategy Why you shouldn't fear all-time highs. (ritholtz.com) Compounding math is often confounding. (nytimes.com) Survivorship bias affects in any number of ways. (safalniveshak.com) Books A recommendation for Ben Wiener’s book "Fever Pitch: A Novel About Selling Your Vision, Raising Venture Capital, and Launching Your Startup." (feld.com) The best economics books of summer including "King Dollar: The Past and Future of the World’s Dominant Currency" by Paul Blustein.

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JUNE 26, 2025

Strategy Stop looking for a turnaround in active management performance. (wealthmanagement.com) Set-it-and-forget-it is working for investors. (jeffreyptak.substack.com) Crypto In-kind redemption is coming for crypto ETFs. (theblock.co) Stablecoins may not be money, but they are not going anywhere. (ft.com) Fund management Blackrock ($BLK) is planning to include private equity and credit in target-date funds.

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JUNE 25, 2025

Podcasts Peter Mallouk and Charlie Bilello talk with Jonathan Clements about some big lessons. (podcasts.apple.com) Luca Dellanna and Ismail Manik talk with Barry Ritholtz about his book "How NOT to Invest." (patternsandstories.substack.com) Joe Weisenthal and Tracy Alloway talk with Morgan Stanley housing strategist Jim Egan, about the big housing divide.

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JUNE 25, 2025

Rates Muni bonds are underperforming in 2025. (morningstar.com) T-bills are growing a percentage of outstanding U.S. government debt. (wsj.com) Crypto Recent SPAC deals have a decided crypto flavor. (bloomberg.com) Please don't use those Bitcoin ATMs, scams abound. (axios.com) Retail trading Supply is coming online to feed the degenerate economy. (howardlindzon.com) Demand for private shares is there.

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JUNE 24, 2025

AI Why you have to be careful when using LLMs for research. (larryswedroe.substack.com) There are already plenty of ways analysts can use AI productively. (blogs.cfainstitute.org) Alternatives Rothacher and Breitenmoser, "There is no universally accepted way of modelling different alternative asset classes." (caia.org) Alternative investments have a high hurdle to clear.

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JUNE 24, 2025

Strategy Joe Wiggins, "Many of the behaviours that have made humans such a successful species, also make it difficult to be good, long-term investors." (behaviouralinvestment.com) Ten lessons from Warren Buffett including 'Capitalism and ethics can (and should) coexist.' (advisorperspectives.com) The best investors do less. (rogersplanning.blogspot.com) Crypto The BIS is no fan of stablecoins.

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JUNE 23, 2025

Strategy How geopolitical conflicts have played out for stocks. (optimisticallie.com) Just how volatile have the 2020s been for the stock market? (awealthofcommonsense.com) Don't mix politics and investing. (klementoninvesting.substack.com) Crypto Add ProCap Financial to the Bitcoin Treasury scene. (cnbc.com) If every major company issues their own stablecoin, chaos could ensue.

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Abnormal Returns

JUNE 22, 2025

Newsletters Make sure you stay on top of everything on Abnormal Returns. Sign up for our (free) daily e-mail newsletter. (abnormalreturns.com) Are you a financial advisor? Sign up for our (free) weekly advisor-focused newsletter. (newsletter.abnormalreturns.com) Top clicks this week How long do dollar moves last? (larryswedroe.substack.com) The stock market doesn't care about you.

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JUNE 20, 2025

Markets Corporate bond spreads have come back down from their April peak. (mrzepczynski.blogspot.com) Silver prices are rising along with gold. (wsj.com) Strategy Good decade or bad for the stock market? Changes in valuation matter a lot. (awealthofcommonsense.com) What the consensus 60/40 portfolio looks like. (morningstar.com) Stablecoins Stablecoins are no longer niche.

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JUNE 19, 2025

Books A Q&A with Jonathan D. Cohen author of "Losing Big: America’s Reckless Bet on Sports Gambling." (awfulannouncing.com) An excerpt from “Rich Girl Nation: Taking Charge of Our Financial Futures” by Katie Gatti Tassin. (wsj.com) A Q&A with Dalla Riva, author of "Uncharted Territory: What Numbers Tell Us about the Biggest Hit Songs and Ourselves.

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JUNE 18, 2025

Podcasts Chris Hutchins talks with Nick Maggiulli about his forthcoming book "The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life." (chrishutchins.com) Jill Schlesinger talks with Barry Ritholtz about his new book "How Not To Invest: The ideas, numbers, and behaviors that destroy wealth - and how to avoid them." (ritholtz.com) Peter Lazaroff talks with Bob Pisani about lessons learned from his long career at CNBC.

Retirement 167

Retirement Financial Advice Taxes Numbers 167

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JUNE 18, 2025

Markets The stock market doesn't care about you. (tonyisola.com) How long do dollar moves last? (larryswedroe.substack.com) Real estate REITs have struggled to keep up with the stock market. (morningstar.com) The supply of office space is set to actually contract in 2025. (wsj.com) Gold Why are central banks upping their holdings of gold? (mrzepczynski.blogspot.com) Individual Chinese investors love gold.

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JUNE 17, 2025

Strategy You can't eliminate the noise, but you can manage around it. (ritholtz.com) Should you exclude Chinese stocks from your international allocation? (morningstar.com) History only tells us so much about investment returns. (whitecoatinvestor.com) Companies Advertising is a big (and growing) business for the delivery companies. (platformaeronaut.com) OpenAI and Microsoft ($MSFT) are beefing.

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JUNE 16, 2025

Podcasts Michael Batnick talks with Tim White and Danny Lohrfink of Wealth.com about trends estate planning. (youtube.com) Michael Kitces talks compliance with Leila Shaver, founder of My RIA Lawyer. (kitces.com) Josh Brown and Nick Sapienza break down a real-life case study of couple with $3 million in assets and a desire to retire. (youtube.com) Larry Kotlikoff talks trusts with Alan Gassman (larrykotlikoff.substack.com) Jonathan Treussard talks with Dave Nadig about navigating an increasingly

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Abnormal Returns

JUNE 15, 2025

Also on the site Everyone in life (and investing) is running their own race. (abnormalreturns.com) Top clicks this week This company is splashing out $400k on two vehicles for its CEO. (linkedin.com) How NAV squeezing works. (wsj.com) Americans have the risk bug. (awealthofcommonsense.com) Who exactly are you listening to and why? (ritholtz.com) Private equity operates differently in mainstream America.

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JUNE 13, 2025

Crypto Every big company seemingly wants their own stablecoin. (wsj.com) Companies are following a Bitcoin treasury model because it works, for now. (ft.com) Another day, another Bitcoin-focused company. (theblock.co) Private equity There's really one reason why private equity managers are going down market. (riabiz.com) On the growth in search funds.

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JUNE 12, 2025

Strategy Historical financial data is limited, but that's all we got. (awealthofcommonsense.com) Five costs to active management. (humbledollar.com) Crypto Coinbase ($COIN) is listing more altcoins, like Fartcoin. (theblock.co) DeFi Development Corp ($DFDV) wants to be the Strategy of Solana. (sherwood.news) Companies Companies seem to be shifting away from stock-based compensation.

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JUNE 11, 2025

Podcasts Carl Richards talks with Oliver Burkeman dig into the emotional undercurrents of financial life. (podcasts.apple.com) Amy Arnott and Christine Benz talk with Benjamin Felix about lessons learned from the Rational Reminder podcast. (morningstar.com) Sam Dogen talks with Joe Saul-Sehy from The Stacking Benjamins podcast to talk about creating your own life curriculum.

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JUNE 11, 2025

Strategy Brett Steenbarger, "One of the most difficult forms of trading discipline can be the discipline to not trade." (traderfeed.blogspot.com) On the importance of avoiding stupid investing mistakes. (safalniveshak.com) Crypto On the odds of altcoin ETFs coming to market this Summer. (sherwood.news) The Bitcoin Treasury strategy is spreading. (wsj.com) Cable networks Why the Warner Bros.

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JUNE 10, 2025

AI After a ramp up, AQR is increasingly embracing AI. (ft.com) How data scientists contribute to returns. (klementoninvesting.substack.com) Man Group is ordering its quants back to the office five days a week. (ft.com) Perplexity can now access EDGAR. (perplexity.ai) Research Is the institutional investment model broken? (mailchi.mp) Outperforming fixed income benchmarks isn't a walk in the park.

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JUNE 10, 2025

Strategy Market timing involves a prediction about market direction. (behaviouralinvestment.com) Lost decades are rarer than you think. Most people invest right through them anyway. (ofdollarsanddata.com) Crypto Another company is joining the Bitcoin Treasury game. (theblock.co) The administration and crypto industry are now in lockstep. (theatlantic.com) Finance Novo Nordisk ($NVO) has attracted an activist investor.

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JUNE 9, 2025

Podcasts Jess Bost and Mark Newfield talk with Phil Pearlman about the connection between health and executive function. (podcasts.apple.com) Dan Haylett talks with Brendan Frazier about the art of spending money in retirement. (podcasts.apple.com) 14 of the best finance podcasts all investors should listen to including 'The Compound and Friends.' (forbes.com) UHNW The super-rich really are different.

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Financial Advising Wealth Advisor Retirement Numbers 167

Abnormal Returns

JUNE 9, 2025

Strategy Americans have the risk bug. (awealthofcommonsense.com) Who exactly are you listening to and why? (ritholtz.com) Crypto Strategy ($MSTR) keeps attracting copycats. (sherwood.news) The Winkelvoss' Gemini has filed to go public. (theblock.co) Apple The case for the Apple ($AAPL) TV from a privacy perspective. (arstechnica.com) You may not know who Bill Atkinson, but you are likely influenced by his work every day.

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JUNE 8, 2025

Top clicks this week On the importance of avoiding big investment mistakes. (behaviouralinvestment.com) Replacing Ajit Jain at Berkshire Hathaway ($BRK.A) will be no easy task. (wsj.com) How major asset classes performed in May 2025. (capitalspectator.com) An example when home bias is damaging to your portfolio. (notes.archie-hall.com) Capital flight is about more than debt and deficits.

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JUNE 7, 2025

Tesla Tesla ($TSLA) has a China problem. (advisorperspectives.com) Tesla ($TSLA) FSD has a sun glare problem. (bloomberg.com) Elon Musk has buyer's remorse. (sherwood.news) Autos Waymo is increasing its lead in self-driving vehicles. (wsj.com) Slate EVs are ambitious price-wise. (sherwood.news) Why Nepal loves EVs. (fastcompany.com) Energy In the South, solar power pays better than timber.

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JUNE 3, 2025

Quant stuff How to (carefully) use ChatGPT in your research. (quantpedia.com) A round-up of recent white papers including 'When the Market Outgrows the Index.' (bpsandpieces.com) The winners of the Quantpedia Awards 2025 including "The Unintended Consequences of Rebalancing" by Harvey, Mazzoleni & Melone. (quantpedia.com) Analysts What analysts actually pay attention to.

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Abnormal Returns

JUNE 1, 2025

Top clicks this week Want to get wealthy? Own equity. (awealthofcommonsense.com) Great investors take (a lot) of notes. (polymathinvestor.com) Where is all that [ETF] money coming from? (awealthofcommonsense.com) Nothing great happens without conviction. (investing101.substack.com) You've been warned. On the dangers of private equity. (wsj.com) You think the U.S. has an index concentration problem?

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MAY 28, 2025

Podcasts Barry Ritholtz talks with Morgan Housel about how to spend money. (ritholtz.com) Katie Gatti Tassin talks with JL Collins, author of the revised edition of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life." (podcast.moneywithkatie.com) Brendan Frazier talks retirement planning with Dan Haylett. (podcasts.apple.com) Scott Barry Kaufman talks with Sahil Bloom, author of "The Five Types of Wealth: A Transformative Guide to Design Your Dream Life.

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MAY 27, 2025

Strategy Good luck trying to time the bond market. (awealthofcommonsense.com) Despite public opinion, the stock market spends at lot of time near all-time highs. (optimisticallie.com) ETFs Money just keeps pouring into ETFs. (wsj.com) Where is all that money coming from? (awealthofcommonsense.com) Finance Eliminating the PCOAB is a gift to fraudsters.

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MAY 27, 2025

IRRs The many problems with private equity IRRs. (on.ft.com) Doing the math on private equity performance. (valueandopportunity.com) Research Even the best performing stocks go through gut-wrenching drawdowns. (morganstanley.com) How macro effects move factor returns. (mrzepczynski.blogspot.com) How Warren Buffett's performance can inform us about sustainable rates of return.

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MAY 26, 2025

Podcasts Paul Krugman talks with Barry Ritholtz about his book "How NOT to Invest." (paulkrugman.substack.com) Jess Bost and Mark Newfield talk with Ashley Quamme about her journey to financial advice. (podcasts.apple.com) Charles Schwab Charles Schwab ($SCHW) is launching a new program aimed at helping financial advisors go independent. (thinkadvisor.com) Charles Schwab ($SCHW) is willing to step on some toes to take RIA mindshare.

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MAY 22, 2025

Markets Japanese government bond yields are soaring. (ft.com) 30-year Treasury yields hit levels not seen since 2007. (axios.com) Joe Weisenthal and Tracy Alloway talk with Steven Englander about why yields are rising around the world. (podcasts.apple.com) Strategy Investors learn the wrong lessons from bull markets. (novelinvestor.com) What to invest in when everything looks unattractive?

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MAY 22, 2025

Books An excerpt from "Empire of AI: Dreams and Nightmares in San Altman's OpenAI." (theatlantic.com) An excerpt from "Superbloom: How Technologies of Connection Tear Us Apart" by Nicholas Carr. (behavioralscientist.org) Insights from Laura Spinneys new book, "Proto: How One Ancient Language Went Global." (slate.com) An excerpt from Tiffany Watt Smiths new book, "Bad Friend: How Women Revolutionized Modern Friendship.

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MAY 21, 2025

Markets High yield bonds have bounced back. (morningstar.com) Short interest is ticking higher. (ft.com) Companies Retailers have only so much margin to sacrifice to tariffs. (nytimes.com) Some additional tariff math. (axios.com) AI OpenAI is buying Jony Ive's AI startup. (theverge.com) Google ($GOOGL) has a big AI lever to pull - Chrome. (spyglass.org) What does CoreWeave ($CRWV) actually do?

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MAY 21, 2025

Podcasts Christine Benz talks with JL Collins about the revised edition of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life." (morningstar.com) Dan Haylett talks with Fritz Gilbert about his 10 Commandments of Retirement. (podcasts.apple.com) Peter Lazaroff talks with Mark Higgins, author of "Investing in U.S.

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