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Quote of the Day
"All that matters here is that people’s perception of what policymakers are capable of doing when the economy declines has been shifted higher in a huge way. And it’s crazy to think those new expectations won’t impact policymakers’ future decisions."
(Morgan Housel)
Chart of the Day

When you look at it this way, Berkshire Hathaway ($BRK.B) has had a rough decade.
Strategy
- Individual investors, by and large, held on through the market drawdown. (wsj.com)
- Why 75/25 is the new 60/40 portfolio. (theirrelevantinvestor.com)
- Why smart people are better able to fool themselves. (cnbc.com)
Finance
- Corporate frauds don't get uncovered without the work of short-sellers and journalists. (investoramnesia.com)
- "Fusion Acquisition Corp., a blank check company chaired by State Street Corp. senior advisor Jim Ross, has raised $305 million for dealmaking in the asset management sector." (institutionalinvestor.com)
Social media
- The 'shame and blame' culture is making social media nearly unusable. (howardlindzon.com)
- More often than not saying nothing beats saying something unkind. (om.co)
- Why advertiser boycotts won't have a big effect on Facebook ($FB). (edition.cnn.com)
ETFs
- More actively managed ETFs than passive have launched in the US this year. (ft.com)
- Longtime holdout Dimensional Fund Advisors is launching their own set of ETFs. (riabiz.com)
- How much have investors saved by investing in low-cost index funds? (evidenceinvestor.com)
Hedge funds
- What is a reasonable expectation for hedge fund returns over the next decade? (mrzepczynski.blogspot.com)
- Why some hedge funds are moving their operations to Singapore. (ft.com)
Global
Policy
- Much to Trump's chagrin, the USPS is doing better financially in pandemic. (washingtonpost.com)
- Immigration bans have nothing to do with the coronavirus. (theatlantic.com)
- More companies are giving workers Election Day off. (edition.cnn.com)
- We may not know on Election Night who won the election. (bloomberg.com)
Economy
- Why it matters that Millennials are lagging in homeownership. (msn.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- What everyone else was reading on the site this past week. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: risk minimization. (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
- Technology is going to play a key role in reopening offices. (nytimes.com)
- Some of the ways in which Zoom ($ZM) conferences beat real world ones. (awealthofcommonsense.com)
- Pop up retail was made for the pandemic. (fortune.com)
- What happened to all the plants left behind in abandoned office buildings? (nytimes.com)