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Quote of the day
“Too many consumer-tech companies nearing their public offerings are selling magic shows at a science fair. The unicorns aren’t doomed, even if their old valuations are.” – Derek Thompson
Chart of the day

How to win at investing – equanimity. (Safal Niveshak)
Markets
- Historically, the coming week is the weakest of the year for the US stock market. (quantifiableedges.com)
- It's hard to make the case for above average future US equity returns. (alephblog.com)
Strategy
- Eddy Elfenbein, "Just a good time to remember that point spreads and stock prices aren’t set by equations but by the madness of crowds." (crossingwallstreet.com)
- Jonathan Clements, "Diversification isn’t just a defense against our own lack of clairvoyance. It’s also a way to buy ourselves a little more patience, so we’re more likely to stick with the laggards..." (humbledollar.com)
- Brett Steenbarger, " The great problem for many traders is that they keep doing the same things even after markets change." (traderfeed.blogspot.com)
WeWork
- The WeWork disaster shows the limitations of private markets. (wsj.com)
- How to salvage what is left of WeWork. (profgalloway.com)
- Problems arise when companies stay private for too long. (promarket.org)
Companies
- Airbnb employees are antsy for an IPO. (nytimes.com)
- Netflix ($NFLX) set off a war for talent that may end up consuming it. (wsj.com)
- Startups love Slack ($WORK). Big companies not so much. (vox.com)
- Why Apple ($AAPL) Arcade works. (500ish.com)
Funds
- The passive fund revolution is picking up steam in Europe. (bnnbloomberg.ca)
- ETF launches have pretty much ground to a halt. (fa-mag.com)
Policy
- Why economic clustering leads to more innovation. (nber.org)
- The South's suburbs are getting younger and more Democratic. (theatlantic.com)
- Did the war on terror have a role in the opioid epidemic? (nber.org)
- How to reform the Economics PhD. (marginalrevolution.com)
Economy
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday links. (abnormalreturns.com)
- Longform links: corporate burnouts. (abnormalreturns.com)