MarketsHow major asset classes performed in February 2021. (fs.blog)It took awhile, but Wall Street strategists have finally gotten bullish. (thereformedbroker.com)StrategyWhat if interest rates don’t matter as much as we think. (awealthofcommonsense.com)Interest rates (and inflation) are on the rise but it’s hard to see how they get out of control. (pragcap.com)Are higher interest rates going to disproportionately hurt growth stocks? (theirrelevantinvestor.com)Berkshire HathawayDespite share buybacks, Berkshire Hathaway ($BRK.B) still has some $120 billion of cash to invest. (bloomberg.com)Where Warren Buffett went wrong in buying Precision Castparts. (behavioralvalueinvestor.com)CompaniesA profile of Robolox prior to its anticipated direct listing. (wsj.com)The market has come around to Novavax’s ($NVAX) side of things. (ft.com)Will commercial office space go the way of the shopping mall? (wsj.com)StreamingDiscovery+ … [Read More...]

Board diversityBoard diversity is set to be a big theme in the next proxy season. (pionline.com)A barrier to more diverse boards: some companies don’t allow non-C-suiters to serve on outside boards. (nytimes.com)Norway’s giant SWF is pushing companies to put more women on their board of directors. (reuters.com)Only one company in 2020 went public in the U.S. with an all-male board. (bloomberg.com)GovernanceMost companies don’t have board members conversant in ESG and climate. (ft.com)How to assess a company’s diversity and inclusion efforts. (blogs.cfainstitute.org)To better implement ESG changes, management is going to need a new Balanced Scorecard. (hbr.org)Good corporate governance makes it easier to gain headway on social and environmental issues. (klementoninvesting.substack.com)BlackrockLike it or not, Blackrock ($BLK) … [Read More...]

ResearchWhy you should be wary of facile comparisons of total returns among asset classes. (priceactionlab.com)There are a number of ways to combine factors in a portfolio: here’s one way. (blog.validea.com)Companies time the release of (good) information around CEO conference appearances. (klementoninvesting.substack.com)Crowdsourcing doesn’t work when it comes to stock ideas. (alphaarchitect.com)Do private equity investors add value on the operational side? Nope. (papers.ssrn.com)A round-up of the best white papers from February including “Does seasonality impact Bitcoin returns?” (bpsandpieces.com) [Read More...]

MarketsAmericans are feeling more optimistic. (axios.com)It’s not just houses and semiconductors: shortages are everywhere. (awealthofcommonsense.com)Everything is oversubscribed. (theirrelevantinvestor.com)StrategyAaron, “If you’re not sure if you’re actually gambling or investing, you’re probably gambling.” (mr-stingy.com)Don’t let a hot narrative knock you off your strategy. (behaviouralinvestment.com)How to combat blind spot bias. (incognitomoneyscribe.com)CryptoWhy it’s past time for the SEC to approve a Bitcoin ETF. (bloomberg.com)Canada’s Purpose Bitcoin ETF shows there is plenty of demand. (theblockcrypto.com)FinanceCompanies are once again worried about what small investors think about them. (wsj.com)Not surprisingly, SPAC deal volume hit a record in February 2021. (forbes.com)FundsMaking the case that Peter Lynch is the greatest stock picker of all-time. (ritholtz.com)Run the other direction when a fund claims to … [Read More...]

Cal NewportA Q&A with Cal Newport author of the new book “A World Without Email.” (fortune.com)Brett McKay talks with Cal Newport about his new book “A World Without Email: Reimagining Work in an Age of Information Overload.” (artofmanliness.com)BooksA Q&A with Judson Brewer author of “Unwinding Anxiety: New Science Shows How to Break the Cycles of Worry and Fear to Heal Your Mind.” (wsj.com)Five insights’ from Roy Grinker’s new book “Nobody’s Normal: How Culture Created the Stigma of Mental Illness.” (nextbigideaclub.com)LongreadsHas Jack done that much worse a job running Twitter ($TWTR) vs. Square ($SQ)? (notboring.co)The Murdoch family is real life example of ‘Succession.’ (ft.com)Ubiquitous doorbell cameras are no longer an unalloyed good for police. (washingtonpost…. [Read More...]

MarketsThe stock market usually gets stuff right. (theirrelevantinvestor.com)Don’t forget the stock market is more concentrated than usual. (crossingwallstreet.com)Why oil prices are back above pre-pandemic price levels. (wsj.com)StrategyAre you an investing cheetah or pronghorn? (breakingthemarket.com)Lessons from Warren Buffett’s 2020 Berkshire Hathaway ($BRK.A) shareholder letter. (novelinvestor.com)AudioThe age of the audio influencer is here. (nytimes.com)New audio venues, like Clubhouse, won’t disappear post-pandemic. (theirrelevantinvestor.com)People love Clubhouse’s UI. (fastcompany.com)CompaniesWhy Square ($SQ) bought control of audio streaming service Tidal. (vox.com)How much of the growth in new media platforms a rejection of Twitter ($TWTR)? (bloomberg.com)Disney ($DIS) is pulling back from the retail business. (nytimes.com)SPACsSpeculation is rampant about what company Bill Ackman’s SPAC is going to merge with. (institutionalinvestor.com)Home insurance startup … [Read More...]

StrategyA well-diversified portfolio allows you to survive any economic regime. (portfoliocharts.com)Why all the bubble talk is ultimately counterproductive. (capitalspectator.com)Our brains aren’t designed for taking on full-on risks. (furballfinancial.substack.com)CryptoThe Bitcoin market is maturing rapidly. (blog.validea.com)FinanceLike other firms, Fidelity saw a big jump in retail clients in 2020. (wsj.com)How SPACs work from the perspective of the investor. (morningstar.com)Oscar Health ($OSCR) is now public. (techcrunch.com)ETFsThe story behind the forthcoming, Dave Portnoy-backed, VanEck Vectors Social Sentiment ETF ($BUZZ). (finance.yahoo.com)Do you really want to an ETF that picks stocks based on ‘social sentiment’? (marketwatch.com)Real estateCommercial real estate lenders are in no hurry to put loans in default. (ft.com)Companies are pushing workers to come back to the office … [Read More...]

BehaviorShane Parrish talks with Seth Godin about being intentional in our actions. (fs.blog)Brett McKay talks with Ethan Kross about his new book “Chatter: The Voice in Our Head, Why It Matters, and How to Harness It.” (artofmanliness.com)JoshGuy Adamai, Dan Nathan and Danny Moses wish Josh Brown a happy birthday and get his take on the wealth management industry. (podcasts.apple.com)Josh Brown talks with Tim Madigan author of “The Burning: Massacre, Destruction, and the Tulsa Race Riot of 1921.” (thereformedbroker.com)StartupsPatrick O’Shaugnessy talks with Automattic CEO Matt Mullenweg about the future of the Internet. (investlikethebest.libsyn.com)Howard Lindzon talks with Jason Gardner CEO of Marqeta, Inc. the “the world’s first open API modern card issuing platform.” (howardlindzon.com)EpisodesBarry Ritholtz spoke with Doug Braunstein, … [Read More...]

MarketsAssessing the damage in the bond market, to-date. (compoundadvisors.com)What’s a ‘bond vigilante’ and are they back on the scene? (ft.com)The rise in bond yields finally has the market’s attention. (wsj.com)You can’t get a sustained rally in value without the financials. (allstarcharts.com)Berkshire HathawayHere is Warren Buffett’s 2020 letter to Berkshire Hathaway ($BRK.A) shareholders. (berkshirehathaway.com)Buffett was not shy about buying back shares in 2020. (ft.com)Everybody makes mistakes, even Warren Buffett. (wsj.com)StrategyWhat the heck happened to gold? (theirrelevantinvestor.com)Why investors are stuck in a cycle of reaching for returns and eventually get burned in the process. (wsj.com)If you like Bitcoin, buy Bitcoin. Don’t get cute trying to buy some proxy. (bloomberg.com)People are trading their brains out on nearly every online platform. … [Read More...]

Vaccine efficacyJohnson & Johnson’s ($JNJ) Covid vaccine received unanimous approval from the FDA advisor panel. (statnews.com)Some real world data on the effectiveness of the Oxford-AstraZeneca ($AZN) vaccine. (marginalrevolution.com)A Scottish study shows high efficacy even after one vaccine dose. (ft.com)The Pfizer ($PFE) vaccine is largely effective after the first dose. (nytimes.com)Vaccine manufacturingPfizer ($PFE) and Moderna ($MRNA) have overcome hurdles to higher production. (washingtonpost.com)How Novavax ($NVAX) broke through to create a seemingly powerful coronavirus vaccine. (wsj.com)Why CureVac is lagging behind the vaccine leaders like BioNTech ($BTNX). (ft.com)Companies are teaming up to help manufacture already approved vaccines. (wsj.com)The Pfizer ($PFE) can be stored at higher temperatures than first assumed. (elemental.medium.com)Vaccine hesistancyMass vaccination sites make sense, but to get everyone … [Read More...]

AutosWant an EV? More models are on the way. (nytimes.com)Why Toyota ($TM) is still betting on hybrids. (axios.com)This California city has banned new gas stations in light of EV uptake. (fastcompany.com)UK energyHow Great Britain decabonised energy production faster than other developed countries. (economist.com)The UK is essentially out of the business of burning coal for energy. (marginalrevolution.com)EnergyTexas utilities knew they were at-risk and failed to act for years. (propublica.org)There is a fundamental flaw in Texas’s energy market. (wsj.com)Properly designed wind turbines can work in extreme cold temperatures. (vox.com)Deregulation did not make for lower uitlity costs for Texas consumers over the past decade. (wsj.com)Making the case to unite the electric grid in the U.S. (wired.com)EnvironmentBill Gates is … [Read More...]

MarketsWhy stock investors shouldn’t totally freak out about rising interest rates. (thereformedbroker.com)Investors don’t want defensive assets. (allstarcharts.com)What happens if the stock market doesn’t crater? (theirrelevantinvestor.com)CryptoHow this crypto rally differs from 2017. (howardlindzon.com)CompaniesAMC Theaters ($AMC) can thank Redditors for its survival. (wsj.com)Etsy ($ETSY) won the pandemic but its winning streak continues. (bloomberg.com)Peleton ($PTON) is becoming a lifestyle brand. (huddleup.substack.com)FoodThe U.S. seafood distribution system has ‘seized up.’ (wsj.com)The pandemic pizza delivery boom is losing steam. (msn.com)Breakfast cereal was in decline until the pandemic hit, then things got weird. (eater.com)StartupsOm Malik, “From Lisbon, to London, to Bozeman, the future is being created everywhere now. Silicon Valley is becoming less of a place and more of a mindset. It’s … [Read More...]

ResearchMikhail Samonov, “Not only can intangibles improve all of the main quant factors (not just Value, but Growth and Quality as well), they can also effectively replace traditional factor investing altogether.” (twocenturies.com)Is the R&D effect story one of risk or mispricing? (alphaarchitect.com)The illiquidity premium is not really investable. (advisorperspectives.com)What a private equity replicating portfolio looks like in practice. (academic.oup.com)The history of technology is the creation of more data which requires additional technology to manage it all. (canvas.osam.com)Shareholders in a company are more loyal to its products. (papers.ssrn.com) [Read More...]

BooksAn excerpt from Walter Isaacson’s “The Code Breaker: Jennifer Doudna, Gene Editing and the Future of the Human Race.” (wsj.com)Bill Gates brings an ‘intellectual honesty’ to the climate change debate in “How To Avoid A Climate Disaster.” (sl-advisors.com)Big TechFacebook ($FB) has never really been all that interested in getting bad actors off the platform: the case of Alex Jones. (buzzfeednews.com)What it’s like to work for a company like Google ($GOOGL) vs. a startup. (paygo.media)On the inevitability of billion dollar ‘solo companies.’ (notboring.co)InvestingHow money manager Arne Alsin transformed himself from a value investor into a tech investor. (institutionalinvestor.com)How Pennsylvania Treasurer Joe Torsella took on the state’s big pension funds and lost his job along the way. (inquirer.com)The … [Read More...]

MarketsThe VIX is way outpacing realized inflation. (theirrelevantinvestor.com)Junk bonds have resisted the downturn in bond markets, for now. (capitalspectator.com)You can’t understand the boom in collectibles without consider the social dynamics at play. (economist.com)StrategyThe stock market is smarter than you, me and everyone else. (awealthofcommonsense.com)Hot markets don’t necessarily have to end in a crash. (theirrelevantinvestor.com)You are unlikely to make money day trading. Do this instead. (tonyisola.com)CryptoCoinbase has officially filed to go public via a direct listing on the Nasdaq. (msn.com)Grayscale now has more than $38 billion in crypto AUM. (ft.com)MicroStrategy ($MSTR) has purchased another billion dollars of Bitcoin. (coindesk.com)ClubhouseKevin Roose, “What’s remarkable about Clubhouse is that it seems to be experiencing this entire cycle all at once, during its … [Read More...]

MarketsThe stock market is having hard time going down. (theirrelevantinvestor.com)Investors bought a record amount of structured notes in 2020. (barrons.com)CompaniesVisa ($V) and MasterCard ($MA) are planning to raise fees on online transactions. (wsj.com)Why Clubhouse has taken off in popularity. (bloomberg.com)What Apple ($AAPL) Music needs to do to catch up to Spotify ($SPOT). (macworld.com)How much time does Elon Musk really spend at Tesla ($TSLA)? (washingtonpost.com)OfferingsThe VC firms that have jumped on the SPAC bandwagon. (news.crunchbase.com)Oat milk maker Oatly is going public. (ft.com)Air taxi company, Joby Aviation is going public via a SPAC (techcrunch.com)ARK InvestThe flows in and out of Ark Invest ETFs are increasingly volatile. (msn.com)ARK Invest is attracting a lot of attention, not all of it welcome. … [Read More...]

MarketsWhere some major inter-market relationships stand, including the shift from tech to cyclicals. (compoundadvisors.com)StrategyYou can get the future right, and still be wrong about markets. (morningstar.com)Investment philosophies should evolve over time but slowly. (buggyhuman.substack.com)You can’t be successful trying to be someone other than yourself. (chicagoseantrades.com)CompaniesRoblox is once again set to go public via a direct listing. (barrons.com)Spotify ($SPOT) is rolling out more tools for podcasters. (axios.com)How Disney+ ($DIS) can keep growing beyond 100 million users. (thestreamable.com)FundsWells Fargo ($WFC) has sold its asset management arm to a couple of private equity firms. (cnbc.com)Mark Gilbert, “ETFs are the ideal vehicle to test the viability — or otherwise — of investment theses.” (bloomberg.com)CollectiblesThe psychology behind the boom in collectibles … [Read More...]