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Quote of the Day
The Fox/Credible deal is “The beginning of the big public incumbents acquiring fintechs. The tsunami is coming. Buckle up.”
(Ron Suber)
Chart of the Day

“With the ten year yield at 1.63%, and based on an historical relationship, 30-year rates should currently be around 3.5%.”
Markets
- Big market drops always bring out attention-seekers. (tonyisola.com)
- American investors are clamoring for more muni bonds. (wsj.com)
- Don't get too attached to today's (high) money market yields. (msn.com)
Fidelity
- "Fidelity Investments on Wednesday said it will automatically sweep cash in new client brokerage and retirement accounts into a government money market fund, yielding 1.91%—far higher than competitors." (advisorhub.com)
- Fidelity is shifting from domestic to international equities in their target-date funds. (reuters.com)
Financial blogosphere
- Congrats to Bob Seawright on eight years of blogging at Above the Market. (rpseawright.wordpress.com)
- Congrats to Douglas Boneparth on one year in the blogging game. (bonefidewealth.com)
Crypto
Retail
- Walgreen's ($WBA) is closing 200 stores in the US. (finance.yahoo.com)
- Amazon's ($AMZN) Pillpack is in dispute with CVS ($CVS) and Walgreen's ($WBA). (cnbc.com)
- Fedex ($FDX) has cancelled its ground delivery contract with Amazon ($AMZN). (markets.businessinsider.com)
Alternatives
- Private equity's dry powder problem is only getting worse. (institutionalinvestor.com)
- Bill Ackman can put ADP ($ADP) in the win column. (institutionalinvestor.com)
Pensions
- Public plans with more than $1 billion in assets earned a median return of 6.79% for the year ended June 30th. (wsj.com)
- The "pension risk transfer" business is booming. (axios.com)
ETFs
- An explainer on why ETFs best open-end funds when it comes to tax-efficiency. (morningstar.com)
- The rapid growth in ETFs has changed market dynamics. (mrzepczynski.blogspot.com)
Global
Economy
- Job openings seem to have stalled. (valueplays.net)
- Why summer teen employment continues to trend lower. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Personal finance links: the importance of Vanguard. (abnormalreturns.com)
- Startups are difficult. Signup for the Wealth/Stack conference is easy. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: three decades of economic growth. (abnormalreturns.com)
- Aim to buy more time, not more stuff. (abnormalreturns.com)
- Monthly ESG links: the heavy lifting. (abnormalreturns.com)
Mixed media
- Trip O'Dell, "A personal brand lives in constant fear of discovery, that others will see them for who they aren’t or what they don’t know." (fastcompany.com)
- A CEO's job is identifying a strategic vision and then hammering away on it. (m.signalvnoise.com)
- How to handle a boss that gives vague feedback. (fastcompany.com)