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Quote of the Day
"According to some, safety and risk-taking are separate and distinct needs and behavioral motives on a basic human level – which contains multitudes, often contradictory on the surface."
(Dan Ramsden)
Chart of the Day

Google searchers are worried about deflation AND hyperinflation at the moment.
Markets
- 12 (crazy) numbers that define the market's moves since the onset of the pandemic. (monevator.com)
- Orange juice is the best performing commodity YTD. (axios.com)
Strategy
- Barry Ritholtz, "None of the people who remember calling the crash are liars, they are simply humans. Our cognitive processes evolved to facilitate adaptation and survival on the savannah, not financial decision making or capital risk taking in markets." (ritholtz.com)
- Daniel Kahneman “The core of the illusion [of understanding] is that we believe we understand the past, which implies that the future should also be knowable.” (evidenceinvestor.com)
- Brett Steenbarger, "Traders tend to assume that they will improve their trading if they overcome their emotions, and they look toward meditation to accomplish this." (forbes.com)
Companies
- Ben Thompson, "In short, building fulfillment centers and developing robots and employing lots of workers isn’t great for margins. It is, though, at least in the ultra-competitive markets that Shopify operates in, good for building a moat." (stratechery.com)
- Apple ($AAPL) is planning to reopen another 100 Apple Stores this week. (cnbc.com)
- Google ($GOOGL) is planning for a slow reopening of offices. (cnet.com)
- Peleton ($PTON) is hiring. (media.thinknum.com)
HBO Max
- AT&T ($T) is looking for growth: HBO Max is key. (tmtandchill.wordpress.com)
- The goal for HBO Max is pretty clear: be in the top tier of global streaming services. (vulture.com)
- HBO Max is launching without Roku ($ROKU) and Amazon ($AMZN) on board. (protocol.com)
- HBO Max is going to rely more heavily on human curators for its service. (theverge.com)
Media
- The Warner Music Group has filed to go public. (ftalphaville.ft.com)
- Apple ($AAPL) has gone all-in on the 'Fraggle Rock' universe. (vulture.com)
- Advertisers are pulling back their commitments to Quibi. (wsj.com)
- Why movie theaters could naturally complement a large tech company’s streaming platform. (onezero.medium.com)
Exchanges
- The CBOE ($CBOE) is set to re-open its trading floor on June 8th. (bloomberg.com)
- Why haven't all trading floors been closed for good already? (economist.com)
Global
- Retail Japanese traders are trading like crazy. (ft.com)
- How Greece is planning to reopen its economy including a return of tourists. (fortune.com)
- Blackrock ($BLK) is rooting around in Sweden's bond market for the Riksbank. (pionline.com)
Economy
- Bill McBride, "The course of the economy will be determined by the course of the virus, and New Home Sales tell us nothing about the future of the pandemic." (calculatedriskblog.com)
- 8.4% of American home mortgages are in forbearance. (housingwire.com)
- Many Americans can't get back to work until they have child care. (nytimes.com)
Earlier on Abnormal Returns
- Personal finance links: the hedonic treadmill. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: attracting capital. (abnormalreturns.com)