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Quote of the Day
"If there is anything I have learned from giving advice online over the last few years, it’s that some people don’t really want advice. Some people don’t want to be saved."
(Nick Maggiulli)
Chart of the Day

Investors are pretty, darn bullish about tech stocks. (via @bullmarketsco)
Newbie traders
- The retail stock trader theme is way overblown. (ftalphaville.ft.com)
- That being said, they are buying a lot of call options. (sentimentrader.com)
- The new breed of traders is doing it differently. (priceactionlab.com)
Strategy
- What a bet on small cap value stocks represents. (morningstar.com)
- How did defensive strategies hold up in the teeth of the market drawdown? (factorresearch.com)
- Why diversity is valuable when forming investment teams. (forbes.com)
Apple
- No matter how you measure it the Apple ($AAPL) App Store ecosystem is huge. (techcrunch.com)
- Why Intel ($INTC) lost out on Apple's ($AAPL) Mac chip business. (stratechery.com)
Finance
- Goldman Sachs ($GS) wants to get into the business of corporate cash management. (wsj.com)
- CLO holders are going to get hurt during the downturn, but that doesn't necessarily mean trouble for banks. (finance.yahoo.com)
- Berkshire Hathway's ($BRK.A) was not well-positioned for 2020. (ft.com)
IPOs
- Royalty Pharma ($RPRX) is the best US IPO of the year. (nasdaq.com)
- Bill Gurley is not done trying to displace the traditional IPO for startups. (fortune.com)
Order flow
- All the major online brokers sell their order flow to market makers. (institutionalinvestor.com)
- Net interest margin is where online brokers make their money. (blockworksgroup.io)
Funds
- The first negative-fee ETF has been acquired. (thestreet.com)
- Despite very little yield, US money market mutual funds hold a record amount of assets. (wsj.com)
The Fed
- Why is the Fed playing its bond buying cards so close to the vest? (blogs.uoregon.edu)
- The Fed is buying corporate bonds using an index-like approach. (wsj.com)
Covid-19
- Congratulations, America. The virus won. (theatlantic.com)
- America reopened its economy without ever really tamping down on the virus. (slate.com)
- Why so many Americans are happy to disregard the advice of health experts. (washingtonpost.com)
- Nursing homes have been the epicenter of the US coroanvirus outbreak. (wsj.com)
- Governments need to think about how to do smarter shutdowns when the virus flares up again. (politico.com)
- The technology is there to test and track the coronavirus are here. The willingness to use them, not so much. (bloomberg.com)
Global
- Emerging market bonds have bounced along with other riskier asset classes. (ft.com)
- Part of Beijing are being locked down for the coronavirus. (theguardian.com)
Housing
- National Association of Home Builders sentiment rebounded in June. (calculatedriskblog.com)
- The housing market around New York City is booming. (wsj.com)
- Doing anything in a panic, including moving to the suburbs do to a pandemic, can be risky. (theatlantic.com)
Economy
- Retail sales jumped in May but were down 6.1% year-over-year. (calculatedriskblog.com)
- Keep an eye on dentist offices to get a better sense for the economy. (nytimes.com)
Earlier on Abnormal Returns
- Research links: multiples are not valuation. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: succession failures. (abnormalreturns.com)