Quote of the Day
"Everyone who exploited the system to make bank over the last three years knows that their window has closed forever, and everyone else who missed out on this life-changing financial opportunity won’t get a second chance."
(Jack Raines)
Bonds
- The bond market is doing the Fed's work for it. (ft.com)
- The bond market touches just about everything. (nytimes.com)
Strategy
- A big way how the stock market has changed over time. (awealthofcommonsense.com)
- Successful stock investing is about knowing when you are wrong as early as possible. (microcapclub.com)
- Hedge funds aren't the cure for market volatility. (economist.com)
Byron Wien
ETFs
- Fidelity plans to launch new ETFs as share classes of existing funds. (fa-mag.com)
- Vanguard is launching two new muni bond ETFs. (corporate.vanguard.com)
Media
- The entertainment business needs a hard reset. (variety.com)
- 'Suits' shows the Netflix ($NFLX) effect is alive and well. (hollywoodreporter.com)
- Would Disney ($DIS) be better off without ESPN? (variety.com)
Vibes
- Michael Batnick, "News and social media are a drag on happiness. If I had to describe the economy using one word, I would use “strong.” If I had to describe the consumer in one word I would use “anxious.” (theirrelevantinvestor.com)
- Noah Smith, "In other words, a rising tide is lifting all boats. I know it can be tough to believe that, with all the doom and gloom you see in the media, but the numbers speak for themselves." (noahpinion.blog)
- Jack Raines, "So when you read that younger people are wealthier than ever, you need to recognize the cost of that wealth: two years of professional malaise." (youngmoney.co)
- Kyla Scanlon, "Rather than ridicule new generations for questioning the status quo, we should empower them to redefine it." (kyla.substack.com)
Economy
- Americans just keep on spending. (bonddad.blogspot.com)
- Inflation is still higher than where the Fed wants it. (econbrowser.com)
- The Fed is putting the economy at risk. (disciplinefunds.com)
Earlier on Abnormal Returns
- Podcast links: creating and learning. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: underrepresented corners of the world. (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)