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Quote of the Day
"The best run public companies manage to think and act with a long-term focus while being public. I think it comes down to leadership, courage, and foresight more than whether you are public or not."
(Fred Wilson)
Chart of the Day

Everything you need to know about the slope of the yield curve on an index card.
Markets
- Why the 'late inning' narrative doesn't serve investors well. (medium.com)
- Trend-following funds are having a rough half a decade. (wsj.com)
Crypto
Companies
- Amazon's ($AMZN) Alexa is losing her edge. (slate.com)
- Pepsi ($PEP) and Coca-Cola ($KO) continue their shift from soda. (wsj.com)
Finance
- Why you shouldn't worry about the declining number of public US companies. (hbr.org)
- More bankers are leaving for private equity. (ft.com)
- More trades at the close are occurring off-exchange. (wsj.com)
Funds
- One of the biggest issues with mutual funds is unpredictable capital gains. This example is a doozy. (morningstar.com)
- Vanguard is making up ground on Blackrock ($BLK). (ft.com)
- What separates successful thematic ETFs from the also-rans. (etf.com)
Economy
- The Chicago Fed National Activity Index dipped in July. (calculatedriskblog.com)
- Landscaping firms are unable to hire enough workers to service their clients. (wsj.com)
- How superstar firms have changed the economy, including wage growth and inflation. (nytimes.com)
- Ten things you may not know about the Great Depression. (awealthofcommonsense.com)
Earlier on Abnormal Returns
- Adviser links: bad actors. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)