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Quote of the Day
"Lessons cannot be taught in the stock market, they can only be learned through experience."
(Michael Batnick)
Chart of the Day

Is the two-year outpeformance of large vs. small stocks finally over?
Markets
- The 'big four' indices are now all positive on the year. (sentimentrader.com)
- The value stock bounce back is here. (wsj.com)
- The stock market has a history of ignoring the economy. (finance.yahoo.com)
- Five reasons why this might be a new bull market. (awealthofcommonsense.com)
Newbies
- How much of what we are seeing is due to novice traders treating it as entertainment? (netinterest.substack.com)
- The shares in already bankrupt companies are some of the most traded. (ftalphaville.ft.com)
Strategy
- Money managers have FOMO just like everyone else. (global-macro-monitor.com)
- The markets are a puzzle that can never truly be solved. (chicagoseantrades.com)
- Luck has no memory. (safalniveshak.com)
IPOs
- Vroom ($VRM) has completed its IPO. (barrons.com)
- Insurance startup Lemonade has filed for one. (news.crunchbase.com)
Companies
- Shopify’s ($SHOP) share price has almost doubled as companies move more sales online. (bnnbloomberg.ca)
- Customers with gift cards for bankrupt retailers are largely out of luck. (wsj.com)
- PE-backed companies are lining up for government programs just like other companies. (institutionalinvestor.com)
Funds
- The average fee paid on fund assets has dropped by half in the past decade. (morningstar.com)
- The active ETF pipeline is filling up. (etf.com)
- Why 401(k) plans are not going to be overrun with PE options any time soon. (ai-cio.com)
Covid-19
- Coronavirus cases are on the rise in these states including Arizona and North Carolina. (nymag.com)
- WHO's message on the ability of asymptomatic people to spread the coronavirus is largely unchanged. (statnews.com)
- How cities and states are trying to bridge gaps in the number of contact tracers. (wsj.com)
Global
- Israel has had to shut a number of schools with coronavirus outbreaks not long after reopening. (npr.org)
- Some countries have been able to reopen without a second wave taking hold. (wsj.com)
- Amsterdam wants to reboot its image, post-pandemic. (bloomberg.com)
- Covid-19 is already transforming cities around the world. (theatlantic.com)
Housing
- Why New Yorkers are going to move elsewhere, post-pandemic. (msn.com)
- Why Cleveland is a house flipping hot spot. (wsj.com)
- Rents in the San Francisco area have actually fallen. (sfchronicle.com)
- Front yards are the new back yards. (wsj.com)
Economy
- The US economy officially entered a recession in March after a 128 month expansion. (nber.org)
- Americans are getting back onto planes. (nytimes.com)
- Small business optimism rose in May from a low level. (calculatedriskblog.com)
- The pandemic has done a number on small businesses. (axios.com)
- TIPS-derived inflation estimates are well off their lows. (capitalspectator.com)
Earlier on Abnormal Returns
- Research links: generating random trades. (abnormalreturns.com)
- Red light, yellow light, green: three take on the retail stock trading boom. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: lifestyle content. (abnormalreturns.com)
Mixed media
- The shift in public opinions about race in 2020 are unprecedented. (politico.com)
- How the coronavirus is spurring the wave of protests. (ft.com)
- A solid majority of Americans support the protests. (washingtonpost.com)
- Why Jeff Bezos was 'happy' to lose this customer. (marketwatch.com)
- How apples go bad. (newyorker.com)