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Quote of the Day
"Honestly, I think [direct indexing] is the best development for the advisory market since the invention of the ETF."
(Dave Nadig)
Chart of the Day

S&P 500 companies have improved their ESG scores over time.
Markets
- How major asset classes performed in August 2019. (capitalspectator.com)
- The Dow has pretty much gone nowhere for the past 18 months. (allstarcharts.com)
- The price of gold is nowhere near its all-time highs in real terms. (ritholtz.com)
- Yield curve inversions are not great for stocks. (mrzepczynski.blogspot.com)
Strategy
- Compounding calculations over long periods of time are very sensitive to the inputs. (morningstar.com)
- How to think about returns in a world that offers very little. (mrzepczynski.blogspot.com)
IPOs
- Here is the bull and bear case for WeWork ($WE). (fortune.com)
- The lowdown on the SmileDirectClub ($SDC) IPO. (marketwatch.com)
- Cloudflare ($NET) has set terms for its forthcoming IPO. (news.crunchbase.com)
Retail
- Lego is not shy about opening more retail locations. (ft.com)
- P&G's ($PG) Tide Dry Cleaners is now the nation's second largest provider. (wsj.com)
Finance
ETFs
- Van Eck, SolidX to offer an institutional version of a Bitcoin ETF. (wsj.com)
- The data show some ETFs are for trading, others for holding. (wsj.com)
Sports gambling
- Over 80% of legal sports gambling revenue is coming through mobile apps. (wsj.com)
- New Jersey is set to overtake Nevada as the sports gambling leader in the US. (nypost.com)
Tariffs
- Putting some estimates on how much the tariff war is costing American households. (nytimes.com)
- Tariffs are putting a dent in consumer sentiment. (axios.com)
Economy
- The August PMI came in at 49.1% down from 51.2% in July. (crossingwallstreet.com)
- The odds of a recession have increased to a coin flip. (econbrowser.com)
Earlier on Abnormal Returns
- Research links: filling the piggy bank. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: doing one thing. (abnormalreturns.com)
- Monthly ESG links: understanding risks. (abnormalreturns.com)