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
"Wisdom is earned, not given. When other people give us the answer, it belongs to them and not us."
(Shane Parrish)
Chart of the Day

The Permanent Portfolio just had its best four-month performance in decades.
Strategy
- Why is gold rising? There are plenty of explanations to go around. (awealthofcommonsense.com)
- Covid-19 has change a lot of things about investing. (albertbridgecapital.com)
- Every bull market turns some people from investor into speculator. (novelinvestor.com)
Crypto
- Fidelity has stuck with Fidelity Digital Assets and is gaining traction in the crypto custody space. (riabiz.com)
- Is there anything different about this Bitcoin rally? (bloomberg.com)
Payments
- PayPal ($PYPL) says the pandemic has dramatically increased the use of electronic payments. (fortune.com)
- The pandemic could (and should) kill the penny. (nytimes.com)
- The art market is rife with opportunities to launder money. (cnn.com)
Finance
- THIS is the definition of crony capitalism. (epsilontheory.com)
- Every type of alternative asset is getting securitized, or 'financialized,' the only question is how. (medium.com)
- SPACs are best understood as a financial hack. (economist.com)
Funds
Homes
- Traffic on the real estate website Redfin is up about 40 percent. (npr.org)
- There is a bull market in Lake Tahoe real estate. (cnbc.com)
- 30-year mortgage rates are still hovering right around 3%. (housingwire.com)
Covid-19
- A J&J ($JNJ) adenovirus-based Covid-19 vaccine has entered human trials. (msn.com)
- Russia aims to have the first Covid-19 vaccine. (wsj.com)
Global
- China is seeing a surge of new hedge fund launches. (finance.yahoo.com)
- Germany just saw its largest quarterly GDP drop in history. (npr.org)
Economy
- Q2 GDP fell at an astounding 32.9% annualized rate. (crossingwallstreet.com)
- Some worrying signs for 2021 from the GDP report. (bonddad.blogspot.com)
- The pandemic has pushed labor participation rates down to levels not seen since the mid-70's. (axios.com)
- Why inflation remains quiescent despite huge central bank easing. (capitalspectator.com)
Earlier on Abnormal Returns
- Longform links: heroic acts. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: forced savings. (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)