Are you already signed up for our daily e-mail newsletter? Great, but did you know that we just launched an adviser-focused e-mail on Fridays? Now you do. Sign up here!
Quote of the Day
"I don’t believe that markets are efficient, but I also don’t believe that much of active investing, at least as practiced now, has a prayer at finding and exploiting these inefficiencies for profit."
(Aswath Damodaran)
Markets
- Mortgage rates: still low. (housingwire.com)
- Tech stocks are on a historic run. (sentimentrader.com)
- How much of value's reputation was made on the back of the Dotcom bubble? (economist.com)
Fixed income
- It's been quite awhile since inflation was a thing in the US. Is everyone going to freak out? (awealthofcommonsense.com)
- Does your portfolio need a remake in light of potential inflation? (finance.yahoo.com)
- Why adding additional credit risk won't solve your fixed income problem. (blogs.cfainstitute.org)
Companies
- If conglomerate is a four-letter word for you, then Berkshire Hathaway ($BRK.A) probably isnt for you. (msn.com)
- What is Dell ($DELL) going to do with its big VMWare ($VMW) stake? (barrons.com)
- Pinduoduo ($PDD) is the most valuable company in the world never to have earned a quarterly profit. (ft.com)
- Bayer is trying to put its Roundup lawsuits behind it. (ft.com)
Business
- The fitness industry has been upended by the pandemic. (wsj.com)
- The book publishing industry has some unique challenges in remote work and social distancing. (nytimes.com)
- Pressures on the newspaper industry have only intensified in pandemic. (ft.com)
- The pandemic has crushed advertising spending. (visualcapitalist.com)
Finance
- The CBOE ($CBOE) wants to become a player in forex. (ft.com)
- F45 Training Holdings is going public via acquisition by a SPAC. (smh.com.au)
Funds
- Don't hold your breath waiting for a PE option in your 401(k) plan lineup. (wsj.com)
- The story of the hedge funds that blew up in the face of heightened volatility in March. (institutionalinvestor.com)
Covid-19
- Why the acceleration in US cases is so alarming. (wsj.com)
- Where coronavirus cases are growing. (compoundadvisors.com)
- The state of Virginia is creating workplace safety rules because OSHA won't. (washingtonpost.com)
School reopenings
- The many reasons why kids need to go back to school this Fall and steps to take to keep them safe. (washingtonpost.com)
- Some child care centers never closed during lockdown: what we can learn. (npr.org)
- Why we shouldn't treat schools like virus hot zones. (wired.com)
- When school returns this Fall some reasons why recess is important to educational outcomes. (theconversation.com)
- What school looks like in countries that have reopened. (wsj.com)
Wirecard
- Wirecard is the first insolvency of a member of Germany’s Dax index of blue-chip companies in its 32-year history. (ft.com)
- How did Wirecard get away with it for so long? (economist.com)
Economy
- Gregory Daco, Oxford Economics chief U.S. economist, "Looking ahead, we stress that the foundation to this recovery is an improving health outlook." (nytimes.com)
- Nearly 20 million Americans are continuing to receive unemployment claims. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Longform links: humanity’s greatest invention. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: a small fraction. (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 economics books to check out including: "More: The 10,000 Year Rise of the World Economy" by Philip Coggan. (ft.com)
- An excerpt from Maria Konnikova's new book “The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win.“ (fivethirtyeight.com)
- Shawn Tully, "Dave Cote [former CEO of Honeywell] just delivered the War and Peace of books on corporate leadership ["Winning Now, Winning Later"]. (fortune.com)
