One-third of 2021 is over. Markets have been on an upward march and it almost seems as if no one is talking about any risks to the market. The only risk to markets that people have been talking about seem to revolve around inflation but even the jury is out on whether inflation is something inevitable and/or necessary.

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We don’t “need” inflation
(Klement on Investing)

You may not agree but Klement makes interesting points about whether inflation is necessary. Good read for those arguing that inflation is a necessary evil.

The Golden Age of Fraud is Upon Us
(A Wealth of Common Sense)

As usual, Ben Carlson brings up an interesting point that in boom times such as these, fraudsters abound. It brings to mind the few cases that we’ve seen in the local media as well, the most prominent of which was a guy who promised impossible returns with the use of what sounds like a very niche/specialised strategy in trading nickel. As always, these fraudsters are nothing more than good storytellers.

Presentation: Bull Markets, Valuations & Bubbles
(The Big Picture)

I watched the presentation on YouTube and I must say that Ritholtz makes a good case for whether markets are currently in a bubble or not. Very non-technical and common-sense as all good theories should be.

An In-Depth Look at the Perplexing IVA Saga

Another example of why individual stock-picking and active portfolio management is so hard.

Whose Decline is it Anyway?
(Of Dollars and Data)

I think it’s safe to say that the Robinhood day-trader mania has hit a wall. In late 2020, these RH daytraders seemed to be on a one-way trip to the moon. By early 2021, it all came down. In fact, I would say that the landing has been pretty cushy for many of them. I’m pretty sure that most day traders in 2000 had it much worse when the dot-com boom imploded.