Are you already signed up for our daily e-mail newsletter? Great, but did you know that we just launched an adviser-focused e-mail on Fridays? Now you do. Sign up here!
Quote of the Day
"Frustrated active managers will often complain that fundamentals don’t matter any longer. They do, they are just not important in the game being played."
(Joe Wiggins)
Chart of the Day

At the end of June the entire US real yield curve was negative.
Markets
- Global asset flows reflect the poor job the US done relative to the rest of the world. (thereformedbroker.com)
- Nobody is pricing in much future inflation. (marketwatch.com)
- How worried should you be about increasing concentration in the top 10 stocks? (morningstar.com)
- Negative seasonality is now kicking in. (sentimentrader.com)
Strategy
- Why no classic investing book would have gotten you into Amazon ($AMZN) and stick with it for the long haul. (howardlindzon.com)
- Smaller family offices are getting pitched all manner of high-fee SPVs. (epsilontheory.com)
- Once you get beyond FAANGM there are a plenty of 'Wall Street orphans' out there. (crossingwallstreet.com)
- Per Ben Graham, the biggest risk investors face is that they unwittingly become speculators. (awealthofcommonsense.com)
Media
- Disney's ($DIS) playbook has been completely upended by the pandemic. (wsj.com)
- Everyone in the industry now recognizes the traditional cable TV model is in terminal decline. (variety.com)
- Why Christopher Nolan's new movie 'Tenent' should be released online. (theverge.com)
Finance
- It's going to take more than a pandemic to kill Goldman Sachs ($GS). (vanityfair.com)
- The pandemic may accelerate the shift of finance jobs out of New York City. (bloomberg.com)
- SPACs are on track for a record year. (ft.com)
Global
- Canadian retail sales have rebounded from their pandemic losses. (bnnbloomberg.ca)
- Canada's oil patch is on firmer footing, post rebound. (wsj.com)
- Why Europe hasn't seen a spike in coronavirus cases, post re-opening. (wsj.com)
- By many measures the European economy is recovering but it is still slow going. (ft.com)
- "Twenty years ago, Italy had five of the 20 richest cities in Europe in terms of GDP per capita; today it has only one, Milan." (theatlantic.com)
Economy
- The resurgence in the coronavirus has stalled out the recovery of the American economy. (ft.com)
- Relief payments had a huge impact on consumer spending. (thereformedbroker.com)
- The unemployment situation in Oklahoma is bleak. (washingtonpost.com)
Earlier on Abnormal Returns
- Research links: diversifiable risks. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: digital primacy. (abnormalreturns.com)
- Finding better ways to care for your clients and yourself: why you should sign up for our new weekly adviser-focused e-mail. (abnormalreturns.com)