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
"Uncertainty is uncomfortable and unappealing, but it is also the reality of financial markets."
(Joe Wiggins)
Chart of the Day

The equal-weighted S&P 500 is still 7% below its all-time high.
Markets
- Apple ($AAPL) and Tesla ($TSLA) are bring the stock split back. (thereformedbroker.com)
- How have the stocks most-favored by retail investors fared? (finance.yahoo.com)
Gold
- It doesn't take a big shift from other assets to move the price of gold. (bnnbloomberg.ca)
- The case against owning gold, ever. (etf.com)
Strategy
- Vishal Khandelwal, "Actual value does not gets created in the world of stock market, but in the world of business." (safalniveshak.com)
- Peter Lynch, "Stocks aren’t lottery tickets. Behind every stock is a company. If the company does well, over time the stocks do well." (blog.validea.com)
Companies
- The US is buying 100 million doses of Moderna's ($MRNA) coronavirus vaccine. (cnn.com)
- In many companies, CMO now means Chief Medical Officer, not Chief Marketing Officer. (wsj.com)
IPOs
- SPACs make up 20% of IPO proceeds this year. (ft.com)
- Despite the pandemic Airbnb still plans to go public in 2020. (news.crunchbase.com)
Funds
- The pandemic is pushing more organizations to go the OCIO route. (institutionalinvestor.com)
- YieldStreet has seen a series of investments go bad. (wsj.com)
- The mutual fund-to-ETF conversions are only going to increase. (investmentnews.com)
Global
Economy
- Retail sales are already seeing the effect of the end of enhanced unemployment benefits. (axios.com)
- The fiscal drag is real. (ritholtz.com)
- Small businesses don't send out a press release when they close. (msn.com)
Earlier on Abnormal Returns
- Personal finance links: a test of character. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: completely unpredictable. (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)