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Quote of the Day
"This [a Covid-19 vaccine] is really all that matters. Just about everything else is noise, because the virus being prevented will change it all. Therefore, if you just think and focus on this one thing, you’re saving yourself a lot of time."
(Josh Brown)
Chart of the Day
Apple ($AAPL) is now a bigger part of the S&P 500 than IBM ($IBM) was back in 1985.
Big Tech
- It's getting harder to ignore the concentration in the market cap weighted indices. (awealthofcommonsense.com)
- Technology company brand value, ranked. (visualcapitalist.com)
Strategy
- Studies purporting to show one political party is better for the stock market are exercises in data mining. (marketwatch.com)
- Emulating other investors only takes you so far. (klementoninvesting.substack.com)
- A few common sense lessons new investors should learn. (blog.validea.com)
Companies
- The theme park business isn't great, but investors like Disney's ($DIS) progress in streaming. (nymag.com)
- The New York Times ($NYT) now has more digital than print revenue. (nytimes.com)
- Teladoc ($TDOC) and Livongo ($) are merging. (statnews.com)
- Clorox ($CLX) has a new female CEO, making it 38 for the Fortune 500. (cnn.com)
TikTok
- Can Instagram Reels take share from TikTok? (protocol.com)
- Does Microsoft ($MSFT) really want the headache of running a social media service? (nytimes.com)
- Rival services are trying to poach TikTok stars. (ft.com)
- What does a buyer get with TikTok? (nytimes.com)
Corporate finance
- Companies have pulled back dramatically on share repurchases. (sentimentrader.com)
- The public to private trend is hard to ignore. (ritholtz.com)
Funds
- Jillian DelSignore, "You can’t simply put your ETF into the market—regardless if it is the most innovative or cheapest out there—and expect it to jump off the shelf." (etf.com)
- The SPDR Gold Trust ($GLD) holds more gold than just a handful of central banks. (ft.com)
- John Rekenthaler, "Over the decades, the 401(k) structure has become less attractive, due to eroding tax benefits and reduced levels of investment income." (morningstar.com)
Covid-19
- New York City is getting serious about its 14-day quarantine for out-of-staters. (businessinsider.com)
- What the people still going to Disney World are thinking. (theatlantic.com)
- California's Central Valley is a Covid-19 hot spot. (modernfarmer.com)
- After holding out, the coronavirus is now well-established on Hawaii. (marginalrevolution.com)
Economy
- The July ADP private employment report was a disappointment. (calculatedriskblog.com)
- Online-only school is going to put the hurt on back-to-school shopping. (axios.com)
Earlier on Abnormal Returns
- Personal finance links: risk capacity. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: momentum time frames. (abnormalreturns.com)
- August ESG links: minimizing mistakes. (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)
