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Quote of the Day
"Focus on the things within your control: your actions, your decisions, your reactions, your emotions. And the rest is beyond you. You can’t save the world in a global sense. But you can do your part on an individual level..."
(Maria Konnikova)
China
- Why China's stock market surge is notable. (thereformedbroker.com)
- China's leadership is happy to jawbone the stock market higher. (ftalphaville.ft.com)
- China's stock market has not been a very good long term proposition. (humbledollar.com)
Markets
- The stock market is frothy, but nowhere near 1999 levels. (wsj.com)
- The history of Canada's largest growth stocks is not a great one. Here's hoping different things for Shopify ($SHOP). (thereformedbroker.com)
- Why the Russell 3000's P/E ratio is currently 'meaningless.' (marketwatch.com)
Berkshire Hathaway
- What the Berkshire Hathaway ($BRK.A) purchase this weekend tells us about the company. (fa-mag.com)
- A deal in the natural gas space feels like a return to gold old fashioned value investing. (marketchess.com)
Retail
- The retail apocalypse is already here. (axios.com)
- A number of trends are all working against indoor suburban shopping malls. (nytimes.com)
- There is no 'return to normal' for retail. (hbr.org)
Pandemic effects
- The pandemic is giving management the opportunity to cut lines of business that were already on the chopping block. (ft.com)
- Companies are hiring their own epidemiologists in pandemic. (washingtonpost.com)
- Mark Vandevelde, "The financial pain suffered by jail operators suggests Covid-19 could inflict long-lasting damage on a range of businesses that rely on prisoner populations for revenue." (ft.com)
- Nir Kaissar, "The risk posed by Facebook’s strongman governance is the “G” in ESG." (msn.com)
- Ad boycotts aren't going to change company behavior. (ft.com)
Pharma
- The pandemic is an opportunity for the pharmaceutical industry to burnish its tarnished image. (ft.com)
- Health care stocks have not benefited from the market bounce back. (wsj.com)
- Vaccine makers are scrambling to enroll candidates in their vaccine trials. (wsj.com)
- The design of Covid-19 is favoring speed over coordination. (statnews.com)
Finance
- How banking internships are going virtual this Summer. (ft.com)
- Apollo Global Management ($APO) is launching its own direct lending platform. (wsj.com)
Europe
- How Europe has kept its unemployment rate from skyrocketing. (bloomberg.com)
- Europe is surging a surge in contactless transactions with fears of the coronavirus. (nytimes.com)
Economy
- Where six high frequency economic indicators stand. (calculatedriskblog.com)
- If the NBA is any clue, the reopening of the economy will be marked by people not wanting to go back to work. (msn.com)
- US crude oil output has plummeted in pandemic. (wsj.com)
Earlier on Abnormal Returns
- Adviser links: a technology investment. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone was reading this week on the site. (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
- Seth Godin, "A meaningful specific can’t possibly please everyone. That’s the deal." (seths.blog)
- A summer reading list for your inner behavioral scientist including "The Catalyst: How to Change Anyone’s Mind" by Jonah Berger. (behavioralscientist.org)
- How Substack is creating a whole new class of newsletter entrepreneurs. (digiday.com)
