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Quote of the Day
"Admission of error is the enemy of narrative."
(Rusty Guinn)
Chart of the Day

Investors had been pulling money out of equity funds prior to last week.
Markets
- The S&P 500 had its best first half in 22 years. (wsj.com)
- The S&P 500 had its best June since 1955. (barrons.com)
Strategy
Crypto
- Ben Hunt, "The rollercoaster nature of Bitcoin is a feature, not a bug." (epsilontheory.com)
- Bitcoin, the past five years in review. (howardlindzon.com)
Companies
- In the cloud, there's Microsoft ($MSFT), Amazon ($AMZN) and everyone else. (barrons.com)
- Amazon ($AMZN) sells stuff. It doesn't rent it. (businessinsider.com)
- Apple's ($AAPL) Jony Ive made people care about design. (theverge.com)
Finance
- The IPO market is doing well, but its nothing like 1999. (barrons.com)
- Why everyone is fighting to offer you higher rates on online savings. (awealthofcommonsense.com)
Funds
- Morningstar ($MORN) to tweak its ratings to put even more of an emphasis on fund expenses. (wsj.com)
Place
- Why 5G build out make such a bloody mess. (wsj.com)
- Charles Schwab ($SCHW) continues to reduce its footprint in San Francisco. (riabiz.com)
- Are city parks criminal hot spots of safe havens? (bigthink.com)
- Nashville is becoming a global city. (worth.com)
Policy
- Joe Pinsker, "Huge gaps in economic prospects, in other words, frequently exist across very short distances." (theatlantic.com)
- It's hard not to see the fingerprints of the cap on SALT deductions on migration patterns. (bnnbloomberg.ca)
- There is an inherent tension between maximizing farm revenue and land conservation. (nytimes.com)
- Is economics too focused on the math or not enough? (ft.com)
Student loans
- Student loans are NOT a national crisis. (athrasher.com)
- You can't address student loans without talking about fairness. (ft.com)
Economy
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
- Need and/or want free economic data? Here's a list. (econbrowser.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: art market math. (abnormalreturns.com)
- Here's my recent talk with Robert Seawright about the importance (and challenges) of choosing investment benchmarks. (abnormalreturns.com)