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Quote of the Day
"If you are sold investments on the basis of that scarcity – or told that you should pay this fee or that on a basis of scarcity or access – beware the similarity in language between the true and counterfeit. Not all scarcity and access is created equal, even if the language used to describe them is."
(Rusty Guinn)
Chart of the Day

There’s Google (and YouTube) and everyone else. (via @visualcap)
Mortgages
- The refi boom is on! 30-year mortgage rates are at a 3-year low. (wsj.com)
- Don't mess around. The time is now to refinance. (thebasispoint.com)
Strategy
- We diversify because we DON'T know what the future holds. (evidenceinvestor.com)
- Our personal investing journeys often go from complexity to simplicity and back again. (alphaarchitect.com)
- We are constantly telling ourselves stories. (epsilontheory.com)
Apple
- Apple ($AAPL) wants wide distribution of its new Apple Card. (cnbc.com)
- Apple ($AAPL) deserves more credit for wearables. (aboveavalon.com)
Zillow
- How Zillow ($Z) plans to make money buying (and selling) houses. (thebasispoint.com)
- Zillow's ($Z) transition is not going to happen without a few bumps along the way. (msn.com)
Companies
- Netflix ($NFLX) is now under attack from all sides. (hollywoodreporter.com)
- Uber ($UBER) loses a LOT of money. (ftalphaville.ft.com)
- Is 5G an investable sector unto itself? (institutionalinvestor.com)
Finance
- Market bubbles often require an easing in accounting standards. (blogs.cfainstitute.org)
- The NYSE has raised a ruckus with a couple of antenna on its New Jersey-based data center. (wsj.com)
- Debt collectors have a lot of tricks up their sleeves. (washingtonpost.com)
ETFs
- There is an interesting quirk in the documents governing the world's largest ETF, the SPDR S&P 500 ETF Trust ($SPY). (msn.com)
- Tracking error is a factor in the total cost of ownership of an ETF. (global.spdrs.com)
- A tale of the tape: three big quality ETFs. (etf.com)
- Your emerging market ETF is likely getting more Chinese-centric. (humbledollar.com)
- The ETF Deathwatch for July 2019 grew a little bit. (investwithanedge.com)
Economy
Earlier on Abnormal Returns
- Podcast links: surfacing episodes. (abnormalreturns.com)
- I recently got a chance to talk with Dasarte Yarnway author of "Pay Me in Equity" about building our personal equity. (abnormalreturns.com)
- Investing with a conscience in a complicated world. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: follow-on capital. (abnormalreturns.com)
- Startups are difficult. Signup for the Wealth/Stack conference is easy. (abnormalreturns.com)
- Aim to buy more time, not more stuff. (abnormalreturns.com)
- Monthly ESG links: the heavy lifting. (abnormalreturns.com)
Mixed media
- A summer reading list from financial types including "The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success” by William N. Thorndike. (wsj.com)
- Cal Newport is a fan of Scott H. Young's new book "ltralearning: Master Hard Skills, Outsmart the Competition, and Accelerate Your Career." (calnewport.com)
- Why you should read "The Family Board Meeting: You Have 18 Summers to Create Lasting Connection with Your Children" by Jim Shells. (calibratingcapital.com)