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Quote of the Day
"Retail shareholders are heterogeneous. During the bad times, some watch their portfolios intently, while others shut their eyes, waiting until the storm passes (raises hand)."
(John Rekenthaler)
Chart of the Day

Just how much investors are favoring growth over value. (via @sentimentrader)
Stocks
- What makes for a 'grandpa stock'? (albertbridgecapital.com)
- "There is a big difference between a growth stock and a company that grows." (novelinvestor.com)
- 20 warnings signs to suss out the next Wirecard. (ftalphaville.ft.com)
Big Tech
- YouTube is taking direct aim at TikTok with a rival service. (techcrunch.com)
- Apple ($AAPL) has a relationship with it users, who don't care what chips are in their devices. (thereformedbroker.com)
- More advertisers are pulling their ads from Facebook ($FB) and Instagram. (cnbc.com)
- Amazon ($AMZN) has purchased self-driving car startup Zoox. (news.crunchbase.com)
- Google ($GOOGL) is going to start paying some publishers for news. (wsj.com)
Endings
- Costco ($COST) is discontinuing its half sheet cakes. People are not happy. (nytimes.com)
- Microsoft ($MSFT) is closing its remaining retail locations. (fastcompany.com)
- Coin shortages across the country beg the question, why do we still use coins? (nytimes.com)
Finance
- Hyliion, a Texas-based battery-powered heavy-duty truck company, plans to go public via SPAC merger. (barrons.com)
- Albertson's ($ACI) is once again publicly traded. (barrons.com)
ETFs
- Allan Roth, "Vanguard is not going to abandon stock mutual funds but they appear to be nudging investors toward ETFs." (etf.com)
- BlackRock ($BLK) has cut fees on some its largest ETFs. (wsj.com)
- After a pause, ETF launches are back on the rise. (barrons.com)
- A look under the hood of the new Direxion Work From Home ETF ($WFH). (marketwatch.com)
Hedge funds
- Some activist hedge funds are looking for a new strategy. (barrons.com)
- Activist hedge funds like to sniff out and target companies that 'greenwash.' (institutionalinvestor.com)
- Hedge funds are trying to hold the line on fees in the pandemic. (institutionalinvestor.com)
Restaurants
- Dining out in America will look very different, post-pandemic. (theatlantic.com)
- National parks are open and visitors are frequenting nearby restaurants. (eater.com)
- Re-opened restaurants are seeing workers test positive. (eater.com)
- Please don't hassle your restaurant worker about having to wear a mask. (houston.eater.com)
- Pickup is a better, more profitable option for restaurants and grocers. (wsj.com)
Covid-19
- How the situation in Arizona got out of hand. (washingtonpost.com)
- Texas has paused reopening plans in the face of surging case counts. (wsj.com)
- States planned for reopening, but haven't thought much about reclosing. (slate.com)
- The surge in coronavirus cases has come more from younger age cohorts, meaning asymptomatic spread. (nytimes.com)
Earlier on Abnormal Returns
- Podcast links: record deals of old. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: humanity’s greatest invention. (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)