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Quote of the Day
"The stock market doesn’t wait for the economy to get better. It anticipates it."
(Cullen Roche)
Chart of the Day

The stock market is NOT the economy: the different compositions.
Markets
- The markets have an infinite capacity to surprise us. (theirrelevantinvestor.com)
- The many reasons why day trading is a bad idea. (msn.com)
- Single-contract options trades are on the rise. (wsj.com)
- The S&P 500 is above its 200 DMA but most stocks aren't. (sentimentrader.com)
Strategy
- The vast majority of individual investors have no business owning individual stocks. (morningstar.com)
- Why Millennials have 'weird' ethos when it comes to investing. (americanconsequences.com)
- Don't let politics drive your investing. (yourbrainonstocks.com)
Business
- Why is McKinsey & Co. associated with so many companies in trouble? (slate.com)
- How companies are able to pay bonuses to the C-suite prior to bankruptcy. (nytimes.com)
Apple
- Apple ($AAPL) is signaling the end of OS X. (stratechery.com)
- You may be surprised how much Apple ($AAPL) stock Berkshire Hathaway ($BRK.A) owns. (markets.businessinsider.com)
Finance
- How Cross River Bank processed over 100,000 PPP loan applications. (nytimes.com)
- Blackstone Group ($BX) is changing how it recruits entry-level analysts. (wsj.com)
- There is a fundamental misunderstanding about how brokerage firms make money. (marketwatch.com)
Funds
- A guide for anyone thinking they want to launch an ETF. (alphaarchitect.com)
- It's getting harder to make the case for ETNs. (investmentnews.com)
Work
- What the rise of the 'girlboss' meant and why it feels different these days. (gen.medium.com)
- What has happened to worker productivity in lockdown? (nytimes.com)
- How to help workers deal with the anxiety of returning to work. (hbr.org)
Covid-19
- California is not seeing a steady increase in infections. (statnews.com)
- Houston's hospital system is under stress. (ft.com)
- How North Dakota came to have its own contact-tracing app. (statnews.com)
- The US federal government plans to stop funding for 13 coronavirus testing sites in five states on June 30th. (businessinsider.com)
Global
- Europe is considering a travel ban on American visitors due to the coronavirus. (slate.com)
- Around the world, countries that have reopened have seen spikes in infections. (nytimes.com)
- Germany's economy is on the path to recovery, which is good for Europe as a whole. (ft.com)
- Chile did well holding the coronavirus at bay, then it reopened. (washingtonpost.com)
Economy
- TIPS-derived inflation expectations are bouncing back from their March lows. (capitalspectator.com)
- A reopened economy need not be a robust one. (npr.org)
- Rents are dropping across the US. (housingwire.com)
- The case for optimism. (marginalrevolution.com)
Earlier on Abnormal Returns
- Personal finance links: a small fraction. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: extraordinary claims. (abnormalreturns.com)
- Sign up for our weekly adviser-focused e-mail that goes on Fridays. Five links to make you think headed into the weekend. (newsletter.abnormalreturns.com)
Mixed media
- Summer business books to check out including: "Flash Crash: A Trading Savant, A Global Manhunt, and the Most Mysterious Market Crash in History" by Liam Vaughn. (ft.com)
- A rave review for Maria Konnikova's new book "The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win." (nytimes.com)
- Some Summer book recommendations including "The New Girl" by Daniel Silva. (rationalwalk.com)