Quote of the Day
"Timing the market is, for the vast majority of us, a recipe for losses. It may work some of the time, but it’s unlikely to work all of the time."
(Jeff Sommer)
Chart of the Day
The VIX is at its lowest level since early 2020. (via @charliebilello)
Markets
- Stock picking is difficult because it requires a number of different skills. (humbledollar.com)
- Why it's hard for outsiders to know what's going on inside a company. (compounderspod.substack.com)
Crypto
- Who is left standing amid the rubble of the crypto industry? (ft.com)
- A review of the biggest crypto-related court cases in 2023. (blockworks.co)
Finance
- How Microsoft ($MSFT) came out on top in the OpenAI fiasco. (wsj.com)
- Citizens Financial Group ($CFG) is pulling from the First Republic business model. (wsj.com)
Health care
- How primary health care in the U.S. is being transformed. (politico.com)
- These ten states have uninsured rates under 5%. (vox.com)
Aging
- Unpaid elder care amounts for some 2% of U.S. GDP. (papers.ssrn.com)
- An aging workforce need not reduce economic growth. (crr.bc.edu)
Policy
- The Clean Air Act is still paying dividends. (papers.ssrn.com)
- How garment workers in the U.S. can still be paid less than minimum wage. (thenation.com)
- Another example of America's confused policy on marijuana. (politico.com)
- How a plan to reform title insurance got sidetracked. (wsj.com)
Economy
- Annie Lowery, "We have a long-standing housing shortage. And we have a frozen housing market. The latter is making the former worse, and it will take years for things to even out and ease up." (theatlantic.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (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)
Mixed media
- 100 notable books of 2023 including 'The Battle of Ice and Ink' by Darrell Hartman. (nytimes.com)
- Tyler Cowen's favorite non-fiction books of 2023 including 'Belfast: The Story of a City and its People' by Fearghal Cochrane. (marginalrevolution.com)
- A review of 'Plunder: Private Equity’s Plan to Pillage America' by Brendan Ballou. (blogs.cfainstitute.org)