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Quote of the Day
"But good investment ideas don’t care that you need to discover one of them by the next solar rotation.They’ll come when they’re ready, on their terms, not yours."
(Morgan Housel)
Chart of the Day

Risk-adjustment doesn’t make active fund performance look any better.
Bonds
- Is the bond market predicting a recession? (pragcap.com)
- Why you can't just focus on one measure of the yield curve. (capitalspectator.com)
Strategy
Peloton
- Peloton has filed to go public. (techcrunch.com)
- Peloton has secured it core base. The question is what next? (media.thinknum.com)
Apple
- Apple ($AAPL) is now using privacy as a competitive feature. (stratechery.com)
- Apple ($AAPL) has spent a lot on autonomous vehicle technology for there to be nothing there. (mondaynote.com)
Finance
Money management
- How closely should a money manager be willing to be associated with a single company? (ftalphaville.ft.com)
- DE Shaw is asking all investment personnel to sign non-compete contracts. (ft.com)
Funds
- Eric Balchunas, "Retail investors in exchange-traded funds have found a smart strategy to deal with the never-ending stream of market drama inspired by President Donald Trump: Ignore it." (bnnbloomberg.ca)
- Fidelity has cut fees on its target-date funds. (bloomberg.com)
- VanEck has become a top-10 ETF issuer by going where other firms can't or won't. (etf.com)
Global
- A reversal of globalization is going to hurt emerging markets the most. (ft.com)
- Is Japan a real-life example of MMT at work? (nytimes.com)
Economy
- The ADP employment report for May showed only a 27,000 increase in private payrolls. (calculatedriskblog.com)
- The Fed has an itchy trigger finger. (blogs.uoregon.edu)
- Why the Fed should focus on the output gap. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: funded contentment. (abnormalreturns.com)
- ESG links: superstar firms. (abnormalreturns.com)
- Why diversification works in life and markets: a discussion with Dr. Brett Steenbarger. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: skewed commodity returns. (abnormalreturns.com)
Mixed media
- Shane Parrish, "You can be anything but you can’t be everything. When we compare ourselves to others, we’re often comparing their best features against our average ones." (fs.blog)
- Seth Godin, "When creating an organization, a technology or any kind of culture, the roads are worth far more than the buildings." (seths.blog)
- Cal Newport, "Life cannot blossom into its true potential until you embrace the challenge of paying attention to what is in front of you right now." (calnewport.com)