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Quote of the Day
"In other words, contrarianism is almost always a cartoon we build to make the ideas we kind of like fit with the philosophy we’d like to use as a label for them."
(Rusty Guinn)
Chart of the Day

Bonds have had quite a run vs. stocks, and sentiment shows it. (via @macrocharts)
Markets
- Business booms and depressions are nothing new: a historical look. (awealthofcommonsense.com)
- Why finding unbiased commentary is so difficult. (dashofinsight.com)
Strategy
- Why the slope of the 200 day moving average matters. (theirrelevantinvestor.com)
- Not all trades are necessarily financial (howardlindzon.com)
Apple
- RIP, iTunes. (slate.com)
- Your iOS apps are abusing your privacy likely without your knowledge. (wsj.com)
- The Justice Department is hot on the anti-trust tail of Google ($GOOGL). (wsj.com)
- Google ($GOOGL) doesn't have many friends left. (nytimes.com)
Fund management
- How many pizzas would it take to feed your investment committee? (realreturns.blog)
- A new managed futures ETF aims to replace your CTA. (institutionalinvestor.com)
Global
Policy
- What are corporations doing with all that debt? (libertystreeteconomics.newyorkfed.org)
- Recessions are a great time to invest, if you have the capital. (hbr.org)
- Why the US should work to diversify its roster of trade partners away from China. (bloomberg.com)
- Trump tax cuts did little to boost economic growth in 2018. (cnbc.com)
- A follow-up to one of the most controversial economics papers in history. (papers.ssrn.com)
Economy
- Still not on "recession watch." (calculatedriskblog.com)
- What sectors will do best, jobs-wise, during the next recession? (fattailedandhappy.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Summer reading
- Five audiobooks you should check out this Summer including "Professor Chandra Follows His Bliss" by Rajeev Balasubramanyam. (washingtonpost.com)
- 75 books for the Summer including "Ballpark: Baseball in the American City" by Paul Goldberger. (nytimes.com)
- Twenty books to read this Summer including "The Five: The Untold Stories of Women Killed by Jack the Ripper" by Hallie Rubenhold. (washingtonpost.com)
- The best books of the Summer including "Because Internet: Understanding the New Rules of Language" by Gretchen McCulloch. (esquire.com)
- The best fiction of late including "Daisy Jones & the SIx" by Taylor Jenkins Reid. (thewhatlist.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: USB origins. (abnormalreturns.com)