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Quote of the Day
"The world has not become any harder to predict, but rather the stories we previously used to explain it are no longer valid."
(Joe Wiggins)
Chart of the Day

The stock market is both overbought and volatile – a unique combination.
Gold
- Gold most makes sense a portfolio context. (ofdollarsanddata.com)
- Gold has had a very good year, so far. (sentimentrader.com)
Companies
- A third of all the top global brands could suspend their social media advertising. (ft.com)
- Amazon ($AMZN) is giving front line workers a one-time bonus. (wsj.com)
- Why Lululemon ($LULU) bought Mirror. (media.thinknum.com)
- Most companies are underinvested in cyber security. (klementoninvesting.substack.com)
Finance
- The pandemic is only accelerating the digitization of the bond markets. (institutionalinvestor.com)
- Where is that much talked about wave of corporate bankruptcies? (wsj.com)
- Investing in SPACs has some wrinkles you need to understand first: the case of Hyliion. (barrons.com)
- Lemonade is not like other insurance companies. The bull and bear case. (sam.substack.com)
Netflix
- Netflix ($NFLX) has pledged to start putting part of its cash balances in community banks in predominantly Black areas. (cnbc.com)
- How Netflix ($NFLX) has learned to embrace its semi-competitor YouTube. (bloomberg.com)
ETFs
- Jack Bogle was flat-out wrong about ETFs. (morningstar.com)
- Portfolio shifts can cause big inflow/outflows from affiliated ETFs. (investmentnews.com)
Covid-19
- Reopenings are getting rolled back across the country in response to flare ups. (wsj.com)
- What went wrong in Texas? (slate.com)
Global
Earlier on Abnormal Reutrns
- Research links: broken strategies. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: client communications. (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
- Ramit Sethi, "If you’re in any kind of journey — a business journey, financial journey, fitness journey, even relationship journey — do whatever it takes to make sure you’re here to push forward tomorrow." (iwillteachyoutoberich.com)
- Nobody really knows what the post-pandemic world is going to look like. (rpseawright.wordpress.com)
- There is plenty to be worried about in the second half of 2020, which is why you need a plan. (awealthofcommonsense.com)
- 2020 has been a rough ride, no doubt. (feld.com)