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Quote of the Day
"One of the only iron rules that exists in the world of investing is that the future will not look like the past."
(Michael Batnick)
Chart of the Day

The S&P 500 is at a new all-time high with financials finally giving it a go.
The 2020s
- Why the 2020s could be an 'abnormally low-return decade.' (ft.com)
- It's difficult to see how the 2020s match the returns of the 2010s. (finance.yahoo.com)
Strategy
- It's been easy to get distracted by foreign stock underperformance. (humbledollar.com)
- Diversification is not as simple as 1/N. (mrzepczynski.blogspot.com)
- There is a boom in companies trying to engineer illiquid collectibles — art, cars, even down payments — into liquid, investable assets. (ritholtz.com)
Companies
- Bill.com ($BILL) is now public. (news.crunchbase.com)
- Zachary Karabell, "Best Buy is one of a handful of large retailers who seemingly have defied the trends toward ecommerce, along with chains such as Lululemon and Target." (wired.com)
- Why Domino's ($DPZ) keeps winning in a world of competing food delivery options. (howardlindzon.com)
- The Apple ($AAPL) Tax is no longer a thing. (aboveavalon.com)
WeWork
- Hartford Capital Appreciation Fund's big stake in WeWork again raises the issue about private securities in open-end mutual funds. (institutionalinvestor.com)
- Nicholas Braun, Cousin Greg from 'Succession,' is set to star as Adam Neumann in the WeWork limited series. (hollywoodreporter.com)
Finance
- The CFTC is looking through futures trading data to see if any traders are getting a heads up on economic releases. (bloomberg.com)
- Private equity firms are trying to close fundraising before a recession hits. (institutionalinvestor.com)
- A surging stock market isn't going to do much for banker bonuses this year. (axios.com)
Global
- XP Inc.($XP), Brazil’s largest brokerage by equity-trading volume, just conducted the 4th biggest IPO of the year in the US. (finance.yahoo.com)
- Want to visit a Tower Records? You'll have to visit Japan where bankrupt American brands live on. (citylab.com)
Real estate
- Americans are snapping up houses on the cheap in Italy. (wsj.com)
- Manhattan developers are increasingly offering “rent-to-buy” programs. (ft.com)
Economy
- Weekly initial unemployment claims jumped last week. (calculatedriskblog.com)
- Low natural gas prices are 'wreaking havoc' on the energy industry. (nytimes.com)
Earlier on Abnormal Returns
- Startup links: bringing it to market. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: determining your benchmark. (abnormalreturns.com)
- The best way to invest is the way that works for you and your unique situation. (abnormalreturns.com)
- Brands are not your friends. (abnormalreturns.com)
- Time arbitrage and the art of reading a book. (abnormalreturns.com)