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Quote of the Day
"Today, capital markets are being transformed into a carny show."
(Ben Hunt)
Chart of the Day

By the time you read this Apple ($AAPL) could be the first $2 trillion company by market cap. (chart via @ycharts)
Markets
- The stock market is nearing a level not seen since 1999. (sentimentrader.com)
- The stock market does better when TIPS yields are low. (crossingwallstreet.com)
- How the Roaring 1920s could be precedent for today. (blog.yardeni.com)
Strategy
- Drew Dickson, "There is no new era. Stocks are still worth the present value of their future cash flows." (albertbridgecapital.com)
- There's really no good news for income investors these days. (pragcap.com)
- Portfolio rebalancing is an active strategy. (marketwatch.com)
Companies
- Banning WeChat in the US would affect a whole host of big American companies. (wsj.com)
- Uber ($UBER) and Lyft ($LYFT) are nearing a crossroads. (ftalphaville.ft.com)
- Apple's ($AAPL) subscription bundles don't sound earth shattering. (sixcolors.com)
Finance
- Prior to 2020 SPACs had a shady reputation. What changed? (ft.com)
- Palantir Technologies is planning a direct listing next month. (bloomberg.com)
- These are the most active VCs in the first half of 2020. (news.crunchbase.com)
Funds
Movie theaters
- How AMC Theaters ($AMC) is planning to reopen. (variety.com)
- There really is no good new for US theater operators. (cnbc.com)
- Maybe Netflix ($NFLX) and Amazon ($AMZN) should buy theater chains? (wired.com)
- Vacating the Paramount Consent Decrees is not going to help theater operators. (arstechnica.com)
Economy
Earlier on Abnormal Returns
- Longform links: not that astute. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: a test of character. (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)
Mixed media
- Companies are re-thinking their office space needs, including newly built HQs. (wsj.com)
- Every brand now needs to take health and wellness into account. (fastcompany.com)
- Grocery store workers are feeling overworked and underpaid. (washingtonpost.com)
- Retail chains are abandoning Manhattan. (nytimes.com)