Quote of the Day
"I don’t understand why investors have become so fond of derivative-income funds."
(John Rekenthaler)
Chart of the Day
Tesla ($TSLA) stock has diverged from the rest of the Magnificent Seven over the past three months. (chart via YCharts)
Markets
- Bob Seawright, "If you keep making the same wrong call over and over, you don’t get any credit for it when it eventually turns up." (betterletter.substack.com)
- Dividends are less volatile than stocks themselves. (awealthofcommonsense.com)
- How to think about the growth in money market fund assets. (spilledcoffee.substack.com)
Crypto
- How the structure of the Bitcoin market has changed with the introduction of the spot ETFs. (ft.com)
- By going mainstream, Bitcoin has lost some of its street cred. (bloomberg.com)
- How some pending legal cases could end up defining cryptocurrency's future. (nytimes.com)
Companies
- Netflix ($NFLX) is recreating the cable bundle. (spyglass.org)
- It's hard keeping up with what Elon Musk wants. (ft.com)
Finance
- Private equity incumbents are rapidly diversifying away from their core business. (semafor.com)
- Seed rounds are getting larger over time. (news.crunchbase.com)
Economy
- The PCE price index, excluding food and energy, increased 2.9%, down from a 5.4% peak in 2022. (calculatedriskblog.com)
- 'Goldilocks' is an apt description of this economy. (bonddad.blogspot.com)
- 2023 GDP growth came in far better than anyone expected. (econbrowser.com)
- What recession models are saying right now. (capitalspectator.com)
Earlier on Abnormal Returns
- Podcast links: a cultural phenomenon. (abnormalreturns.com)
- An example where investing out of spite doesn't work out... (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: an inscrutable future. (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)