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Quote of the Day
"Stock splits are emotional triggers to entice new buyers. It’s paper shuffling to fool investors."
(Novel Investor)
Bonds
- The muni bond market is dominated by refinancings not new issuance. (wsj.com)
- Why the bond and stock markets seem to have diverged. (morningstar.com)
Strategy
- The hardest thing in investing is knowing when things have changed. (awealthofcommonsense.com)
- The Fed matters less than the narrative investors have constructed about the Fed. (ftalphaville.ft.com)
- Why you should pay attention to how value and growth indices are constructed. (morningstar.com)
Retail trading
- How retail brokers make money on payment for order flow. (cnbc.com)
- Why fractional shares are bad for investors. (msn.com)
Big Tech
- Epic Games has gone to war with Apple ($AAPL) and Google ($GOOGL) over their app store policies. (nytimes.com)
- Why the fight over Fortnite is a big deal. (newscientist.com)
Finance
- 2020 is on track to set a record for IPO proceeds. (sentimentrader.com)
- Why Chinese companies still like to IPO in the US. (wsj.com)
- Financial services are increasingly going to get embedded in other businesses. (medium.com)
- How the replacement of Libor going? (wsj.com)
Funds
- Leveraged ETFs are not designed for long holding over the long term. (wsj.com)
- Another case of a ETN gone wild. (priceactionlab.com)
Economy
- Industrial production is 8.4% below the February 2020 level. (calculatedriskblog.com)
- Retail sales continue to rebound. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Podcast links: audio articles. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: not that astute. (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)