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Friday links: the most important investing skill

Abnormal Returns

ft.com) Startups How unicorns are dealing with the decline in valuations. news.crunchbase.com) Crypto companies, like FTX, invested in a bunch of crypto startups. theinformation.com) The bloom is off the 'passion economy' rose? ft.com) Economy Existing home sales plunged in December.

Investing 222
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Wednesday links: a new revenue model

Abnormal Returns

(blockworks.co) Strategy Rubin Miller, "Investing on hopes and hunches — making emotional decisions — is why so few portfolios earn the actual market return." fortunesandfrictions.com) The rise of passive investing hasn't broken the markets. disciplinefunds.com) What happens if you invest at a stock market top?

Valuation 247
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Tuesday links: detrimental behavior

Abnormal Returns

investment in semiconductor manufacturing can only do so much. feld.com) 2023 is going to be a year or reckoning for the startup space. wsj.com) Startups are going to experience a "new normal" valuation-wise. avc.com) SpaceX is raising new capital at a $137 billion valuation. axios.com) U.S. in 2022 vs. 2021.

Startup 195
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Thursday links: playing the trend game

Abnormal Returns

(theinformation.com) Is there an AI premium for startup valuations? msn.com) Fund management How restrictions on the use of ESG data in investing can backfire. etf.com) Economy The change in weekly initial unemployment claims are are nearing recessionary levels. tomtunguz.com) AI-generated junk is flooding Etsy ($ETSY).

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Monday links: the changed housing market

Abnormal Returns

Markets Small cap stocks stand out for their cheap valuations. bam.kalzumeus.com) Venture capital The hurdles that startups need to get over to raise additional capital are now higher. morningstar.com) Economy The labor economy drives spending, not savings. niemanlab.org) How newsletter startup Puck sets itself apart.

Startup 204
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Tuesday links: the case for diversification

Abnormal Returns

Strategy High uncertainty decisions, like investing, are by definition difficult. bloomberg.com) SpaceX's valuation keeps rising, due in part to Starlink's success. bloomberg.com) SpaceX's valuation keeps rising, due in part to Starlink's success. morningstar.com) Economy Home prices peaked June 2022.

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Tuesday links: a healthy accounting system

Abnormal Returns

capitalspectator.com) Don't be surprised to see the stock market rally before the economy bottoms out. finance.yahoo.com) Strategy Joe Wiggins, "There is a stigma attached to saying “I don’t know”, not just in the investment industry but in many walks of life." every.to) Q3 saw big drops in startup valuations.