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Quote of the Day
"Index funds remain the best way for most investors—from the smallest households to the biggest institutions—to hold most assets. Investors should put their faith in reality, not rhetoric."
(Jason Zweig)
Chart of the Day
Analysts have been trimming 2019 and 2020 earnings estimates for the S&P 500.
Markets
- Lumber and copper prices have diverged. Do we care? (blog.knowledgeleaderscapital.com)
- Muni bonds are pretty fully valued. (nytimes.com)
Strategy
- Jeffrey Miller, "The average investor is rooted in prior data, known but unhelpful." (dashofinsight.com)
- Investing in the real world is always messy. (theirrelevantinvestor.com)
Crypto
Companies
- Only 40% of CVS ($CVS) profits come from its retail operations. (marketwatch.com)
- Is a publicly traded Uber ($UBER) going to be fiercer competition for Grubhub ($GRUB)? (markets.businessinsider.com)
- This is Netflix's ($NFLX) true advantage. (avc.com)
Apple
- How much Apple ($AAPL) is investing in Apple Arcade. (ft.com)
- What Tim Cook could learn from Satya Nardella. (venturebeat.com)
- RIP, iTunes. (tomsguide.com)
ETFs
- Non-transparent ETFs benefit from the tax advantages of the structure. (barrons.com)
- The SEC is cracking down on misleading ETF names. (bnnbloomberg.ca)
Global
Economy
- Why the current U.S. expansion is currently the second longest on record. (calculatedriskblog.com)
- Retail stores are closing but no one is coming to take their places. (nytimes.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: eating ourselves to death. (abnormalreturns.com)
