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Quote of the Day
“When people ask us, who were the auditors, I always say ‘Who cares?’ Almost every fraud has been audited by a major accounting firm.”
(Jim Chanos)
Chart of the Day

The stock market typically doesn’t like high levels of economic policy uncertainty…
Metals
- It's hard to ignore the surge in precious metals in 2020. (capitalspectator.com)
- Why are copper and gold prices rising together? (economist.com)
- Why is the Canadian Gold Reserves exchange traded receipt trading a big premium to NAV? (themacrotourist.substack.com)
Strategy
- Anecdotes are not he basis of an investment strategy. (theirrelevantinvestor.com)
- The poker players (and investors) focus on process not outcome. (msn.com)
- Investing is a stressful business in normal times. When you layer on a pandemic on top of it, look out. (institutionalinvestor.com)
Companies
- How the pandemic accelerated Shopify's ($SHOP) growth. (marker.medium.com)
- Companies are claiming that Amazon ($AMZN) has taken private information to launch their own competing products. (wsj.com)
- How long can Carnival Cruise ($CCL) survive a 'zero revenue scenario'? (marker.medium.com)
Funds
- John Rekenthaler, "Those wondering why index funds incessantly gain market share, and why fund companies that promote actively managed funds lose ground, need look no further than the case of Putnam Capital Spectrum." (morningstar.com)
- ETF fee compression is accelerating in 2020. (etf.com)
Global
- Why the rise in the Euro is notable. (thereformedbroker.com)
- Why Germany's stock market is outpacing the rest of Europe, post-pandemic. (ft.com)
- China is cracking down on Hong Kong while maintaining its role as financial center. (wsj.com)
Mail-in voting
- Eight reasons why the November election could be a procedural disaster. (politico.com)
- 76% of Americans can use a mail-in vote in November. (washingtonpost.com)
- New York's mail-in primary ballot experiment did not go well. (theatlantic.com)
Economy
- New home sales are back to pre-pandemic levels. (bonddad.blogspot.com)
- American businesses are once again laying off workers. (washingtonpost.com)
Earlier on Abnormal Returns
- Podcast links: lightening the mood. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: a cash challenge. (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)