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Quote of the Day
"Investment facts are always changing. But prediction is doubly hard because the facts investors care about and pay attention to – which is what makes facts relevant – change all the time. Not just by industry, but for the market as a whole."
(Morgan Housel)
Chart of the Day

It took Apple ($AAPL) less than two months to add $400 billion in market cap.
Commodities
- What drives the price of gold? It depends on who you ask. (theirrelevantinvestor.com)
- Lumber prices are at a record high. (wsj.com)
Bonds
- What do you do with a 10-year Treasury note yielding 0.55%? (wsj.com)
- On the end of idea of 'bond vigilantes.' (blog.yardeni.com)
Strategy
- Value investing is built on the idea of history repeating itself. What if it doesn't? (morningstar.com)
- Why it's easy to confuse correlation and causation. (mrzepczynski.blogspot.com)
- Why it's so easy to fall into hindsight bias. (novelinvestor.com)
- More things can happen than you give credit for. (theirrelevantinvestor.com)
TikTok
- A ban on TikTok does little safeguard your data. (gizmodo.com)
- Why a TikTok ban is likely to lead to a much bigger tech war. (bloomberg.com)
Companies
- Why you are going to see a lot of companies try to maximize losses in 2020 for tax purposes. (wsj.com)
- Berkshire Hathaway ($BRK.A) stepped up its repurchase of shares in Q2. (nytimes.com)
- Bausch Health ($BHC) is planning to spin-off its eye care business. (wsj.com)
Private companies
- Hey, how's WeWork doing these days? (marker.medium.com)
- Misstating financials happens with private companies, not just public. (om.co)
Finance
- Payment for order flowed surged in Q2 for the big online brokers. (theblockcrypto.com)
- CFA exams are going online. (pionline.com)
Global
- German prosecutors suspect Wirecard was looted before its collapse in June. (ft.com)
- A majority of London's workers are not yet back in the office. (bloomberg.com)
- Hong Kong residents are moving gold holdings to Singapore. (ft.com)
Policy
- US fiscal policy wasn't aggressive enough post-GFC. Are we making the same mistake again? (politico.com)
- Many in the US are concerned about the decline of local semiconductor manufacturing capacity. (ft.com)
- It's hard to argue that the way America votes isn't broken. (theatlantic.com)
- Despite evidence to the contrary Americans believe crime is getting worse. (fivethirtyeight.com)
- Underemployment was an issue even before the pandemic. (theatlantic.com)
- We ask police in America to do too many things they really aren't trained for. (kottke.org)
Economy
- Why the August NFP is likely to be a disappointment. (compoundadvisors.com)
- A succinct summary of the economic that just ended. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- The most-read items this week on Abnormal Returns. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: social repercussions. (abnormalreturns.com)
- "Gold 3: The Return of Inflation Expectations." (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)