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Quote of the Day
"There is never a point where a company can indefinitely coast along, cashing the chips of past success. Everyone has to keep running. Same for investing strategies."
(Morgan Housel)
Chart of the Day

Remember the Nifty Fifty? They were touted as one-decision stocks? It did not end well…
Credit
- The bond market has largely shrugged off the pandemic. (wsj.com)
- Another week, another record low in mortgage rates. (housingwire.com)
- Why the credit crunch could take awhile to play out. (klementoninvesting.substack.com)
Strategy
- Aaron Brown, "Investors seem to have opted to hold stocks, not because they’re attractive, but because everything else is much less attractive." (yahoo.com)
- Is the stock market looking through the current mess to an eventual vaccine? (msn.com)
- Please don't attribute political acumen to the stock market. (ritholtz.com)
Profiles
- Jeremy Siegel is the rare public figure who has been able to adjust his viewpoints over time. (ritholtz.com)
- Markets are always going to latch onto a colorful figure: the case of Joe Granville. (awealthofcommonsense.com)
Companies
- Microsoft ($MSFT) retail stores never really had a chance to succeed. (om.co)
- Big Oil is going to have a hard time resisting asset writedowns. (ft.com)
- How Precision Castparts, a Berkshire Hathaway subsidiary, got snookered when buying a German company. (nytimes.com)
Streaming
- Every month it seems like another streaming service hikes its rates. (axios.com)
- Subscribers are abandoning live TV bundles as prices rise. (wsj.com)
- Consumer cut the cord to save money. Now that advantage has evaporated. (500ish.com)
Funds
- Ari Bergmann, "A hedging strategy that requires perfect timing is not a hedging strategy. If you’re buying equity protection, you have to get the timing right." (institutionalinvestor.com)
- John Paulson is returning outside investor capital. (wsj.com)
- Not every manager is rushing to launch active, non-transparent ETFs. (investmentnews.com)
Covid-19
- Health officials predicted this would happen if states reopened prior to meeting coronavirus criteria. (politico.com)
- Why the timing of Independence Day this year is unfortunate. (ft.com)
- The US is planning to source more plasma for Covid-19 treatments. (wsj.com)
Global
- Europe's strategy to keep people employed, right now, looks superior to the US. (nytimes.com)
- Sweden is reassessing its approach to the coronavirus. (fortune.com)
- The rest of the world can't really believe what's happening in the US. (theatlantic.com)
Work
- Even if a vaccine comes, its hard to see how a five-day a week office schedule comes back. (nytimes.com)
- Three conflicting things can be true about remote work. (avc.com)
- Things to consider before going back to the office. (fastcompany.com)
- Don't believe the work from home hype. (nytimes.com)
Parents
- Emily Oster, "The fact is, parents can’t wait around forever. As long as they have to stay home with children, they cannot truly participate in the workforce." (theatlantic.com)
- The pressure on working parents this year has been glossed over. (nytimes.com)
- Parents everywhere are having to make difficult decisions between work, children and school. (cnn.com)
Economy
- The June NFP report showed a bounceback in employment. (calculatedriskblog.com)
- 1.43 million Americans filed for initial unemployment claims last week. (calculatedriskblog.com)
- Why you should be wary of current employment statistics. (nytimes.com)
- One of these days the Federal Reserve is going to explicitly target the yield curve. (blogs.uoregon.edu)
- The US housing market has not yet been affected by the pandemic. (economist.com)
Earlier on Abnormal Returns
- Longform links: an emergent outcome. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: good reasons to sell. (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)