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Quote of the Day
“There are a lot of people with vested interests who are still pushing these [alternative] strategies...You’re not going to get a million or five million or ten million a year to manage an institutional fund if you put the whole thing in index funds.”
(Richard Ennis)
Chart of the Day

Why Apple ($AAPL) has become an increasingly large part of Berkshire Hathaway’s equity portfolio. (chart via @ycharts)
Markets
- The US stock market is showing historic momentum. (sentimentrader.com)
- Ben Carlson, "Understanding the U.S. stock market in 2020 is fairly easy — the bigger, more expensive companies are performing better than the smaller less expensive companies. That’s it." (awealthofcommonsense.com)
- Remember when high frequency trading was the biggest problem for the stock market? (morningstar.com)
- The March 2020 drawdown was bad, but if you want to see a real drawdown check out the 1972-74 crash in the UK. (monevator.com)
- Some charts you would not have believed prior to 2020. (compoundadvisors.com)
Strategy
- Don't let an aversion to paying taxes mess up your investment strategy. (rationalwalk.com)
- Portfolio rebalancing is about risk control, not return enhancement. (morningstar.com)
- Why process is so important to trading and investing. (traderfeed.blogspot.com)
- Why investors are so quick to jump to conclusions. (investingmotherlode.com)
Streaming
- Remember NBC Universal's new streaming service 'Peacock'? Well it's launching next week. (variety.com)
- Is anyone going to re-up their Quibi subscription once their free trial expires? (vulture.com)
- The longer the pandemic goes on, the higher the risk we run out of new stuff to watch. (theringer.com)
Big Tech
- A look at the battle between Slack ($WORK) vs. Microsoft ($MSFT) Teams. (stratechery.com)
- The thing that distinguishes Big Tech historically is high profits. (klementoninvesting.substack.com)
- A visual representation of how Big Tech makes its money. (visualcapitalist.com)
Venture
- Tomasz Tunguz, "The fundraising market is contracting. The amount of available dollars to invest is high. We venture capitalists have raised record amounts of capital in the last 2-3 years. But the pace of deployment is slowing." (tomtunguz.com)
- VC activity saw a reset in the first half of 2020 but was not as dramatic as you would think. (news.crunchbase.com)
- Some VCs have ramped up their pace of investing in pandemic. (institutionalinvestor.com)
Finance
- Square ($SQ) is now worth more than just a handful of US banks. (bloomberg.com)
- What does an investment banking boutique do in pandemic? (ft.com)
- The drive-up teller is making a comeback in pandemic. (wsj.com)
Funds
- T Rowe Price ($TROW) plans to launch four semi-transparent active ETFs this month. (investmentnews.com)
- Commodity ETPs based on crude oil future have made changes in light of April's pricing fiasco. (wsj.com)
- The UK is a hotbed for value investing. That hasn't been a great thing of late. (ft.com)
Covid-19
- A majority of Americans believe things will get worse over the next month in regards to the coronavirus. (ft.com)
- Vaccine maker Novavax ($NVAX) climbed has received a $1.6 billion infusion from Operation Warp Speed. (statnews.com)
Global
- This is not China's first go-round with a frothy stock market. (economist.com)
- Households around the globe have upped their savings in the face of pandemic. (ft.com)
- Israel is facing a second wave of the coronavirus. (wsj.com)
- Peter S. Goodman, "In short, Sweden suffered a vastly higher death rate while failing to collect on the expected economic gains." (nytimes.com)
- While a handful of countries have pretty much eliminated transmission. (wsj.com)
Economy
- Another sign that housing activity is on the rise. (housingwire.com)
- The US needs to fight against a slow jobs recovery. (msn.com)
- The US is full up on natural gas. (wsj.com)
- A look at inflation vs. very broad money growth. (econbrowser.com)
Earlier on Abnormal Returns
- Research links: what matters most. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: a technology investment. (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)