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Quote of the Day
"The secret to Apple’s ecosystem is that instead of selling products or services, Apple ends up selling experiences made possible by controlling hardware, software, and services."
(Neil Cybart)
Chart of the Day
While the overall market indices are holding up, there is a large percentage of stocks that are underperforming YTD by 10% or more.
Markets
- The pandemic, oddly, has boosted the American housing market. (thereformedbroker.com)
- It took awhile but Taiwan's stock market is back at all-time highs. (jlfmi.tumblr.com)
- Natural gas prices have settled into a new, low range. (wsj.com)
Companies
- Slack ($WORK) has filed an anti-trust complaint against Microsoft ($MSFT). (techcrunch.com)
- Twitter ($TWTR) added users last quarter but saw ad revenue decline. (wsj.com)
- It's been 134 days since a completed Big 4 professional game in the US. The sports betting companies, like DraftKings ($DKNG), are relieved. (bnnbloomberg.ca)
Finance
SPACs
- Eight reasons why SPACs are having their moment in the sun. Will it last though? (wsj.com)
- How Pershing Squre Tontine Holdings ($PSTH) is unique. (cnbc.com)
Alternatives
- Tech-focused private equity firms continue to attract capital. (wsj.com)
- The law doesn't have much to say about potential discrimination by venture capitalists. (washingtonpost.com)
Restaurants
- Without indoor dining coming back any time soon, more restaurants are calling it quits. (wsj.com)
- Marisa Iati, "Ghost food halls combine “ghost kitchens” — which serve meals exclusively by delivery — and food halls, both of which have become popular in recent years." (washingtonpost.com)
- 60% of Chipotle's ($CMG) sales in Q2 were digital. (finance.yahoo.com)
Global
- Distancing measures have pretty much shut down seasonal influenza in the Southern Hemisphere. (wsj.com)
- New Delhi is believed to have the highest infection rate of any major city. (ft.com)
- According to Swedish doctors, the country is nowhere near herd immunity. (usatoday.com)
Jobs
- Weekly initial unemployment claims came in at 1.42 million last week. (calculatedriskblog.com)
- Many small businesses are calling it quits as relief funds run out and case counts surge. (wsj.com)
- LinkedIn's jobs cuts are sign that the pain is shifting toward knowledge workers. (washingtonpost.com)
- Gig workers have in many cases been shut out of the state/federal unemployment system. (nytimes.com)
Earlier on Abnormal Returns
- Longform links: a cash challenge. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: understanding the basics. (abnormalreturns.com)
- Some recent tweets on the financial freedom culled from the hellscape we call Twitter. (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)
