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Quote of the Day
"We treat it [the Fed] like the savior of the economy every time things start to look a little bit fragile. I really don’t get it. "
(Cullen Roche)
Chart of the Day

By this measure, value stocks are historically cheap relative to the overall market.
Strategy
- There really is no excuse for home country bias these days. (morningstar.com)
- How to balance yield and inflation protection. (morningstar.com)
Crypto
- Some cryptocurrency winners are beginning to emerge from the wreckage. (finance.yahoo.com)
- An intriguing candidate for Satoshi Nakamoto. (news.bitcoin.com)
Fitness
- Should Peloton be lumped in with other 'hardware' stocks? (ft.com)
- In contrast Equinox continues to built out a portfolio of analog fitness brands. (media.thinknum.com)
- A successful Peloton IPO could open the door for a slew of other fitness startups. (wsj.com)
Finance
- Why family offices are bypassing traditional private equity for the independent sponsor model. (institutionalinvestor.com)
- Dual-class shares are not a US-only phenomenon. (bnnbloomberg.ca)
Weed
- How John Boehner became the face of cannabis legalization. (nytimes.com)
- UFC fighter nicknamed 'Boa Constrictor' sponsored by ETFMG (bnnbloomberg.ca)
Books
- All the books recommended at the first annual Capital Camp including "Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries" @Safi Bahcall. (twitter.com)
- Some of the best investing books you have never heard of including John Neff's "John Neff on Investing." (woodlockhousefamilycapital.com)
- Larry Swedroe is a big fan of Daniel Crosby’s "The Behavioral Investor." (advisorperspectives.com)
Economy
- The May NFP report was disappointing. (calculatedriskblog.com)
- Soybean and corn planting are running at their slowest pace in 40 years. (ft.com)
Earlier on Abnormal Returns
- Podcast links: radical life shifts. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: trusted brands. (abnormalreturns.com)
- Why diversification works in life and markets: a discussion with Dr. Brett Steenbarger. (abnormalreturns.com)
Mixed media
- Tony Isola, "Good forecasters didn’t dig in when mistaken. They utilized bad predictions as learning processes. The opposite of narrowly framed experts." (tonyisola.com)
- Ryan Holiday, "Nobody creates flawless first drafts. And nobody creates better second drafts without the intervention of someone else. Nobody. Not even you." (ryanholiday.net)
- Tim Harford, "When life confronts us with an unplayable piano, perhaps we should sit down and try to play it." (ft.com)