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Quote of the Day
"Investors aren’t irrationally buying just anything just because money is cheap: they are rationally buying the things that benefit."
(James Mackintosh)
Market
- Newbie investors have had it pretty good for awhile now. (sentimentrader.com)
- New all-time highs are neither an all-clear signal or a sell signal. (theirrelevantinvestor.com)
- Europe's stock markets are weighted more towards banks, industrials and basic materials. (ftalphaville.ft.com)
Strategy
- Risk has a funny way of mutating and changing. (awealthofcommonsense.com)
- On the parallels between investing and rock climbing. (rcmalternatives.com)
- The devil is in the details when it comes to direct indexing. (blog.validea.com)
Big Tech
- Apple ($AAPL) is the first US company to hit $2 trillion in market cap. (theverge.com)
- Microsoft's ($MSFT) new Flight Simulator sounds awesome. (nytimes.com)
Retail
- Walmart ($WMT) comparable store sales rose nearly 10% last quarter. (wsj.com)
- Target ($TGT) saw comparable store sales rise nearly 25% last quarter. (wsj.com)
- Sales data shows how reactions to the coronavirus differ across states. (nytimes.com)
- The e-commerce surge is real. (ben-evans.com)
Finance
- The surge in SPAC issuance is bringing in a whole new class of operators. (ft.com)
- 2020 is "easily on track to post the highest biotech IPO numbers in five years. (news.crunchbase.com)
- SpaceX just raised another $1.9 billion in capital. (news.crunchbase.com)
Fund management
- Fidelity Investments AUM is up 15% year-over-year. (msn.com)
- The fight over a $175 million errant wire transfer is getting heated. (institutionalinvestor.com)
Economy
- The pandemic has already caused permanent damage to the US economy. (axios.com)
- Menzie Chinn, "(E)ven if real retail sales have recovered in levels, that still means that there was a loss of sales relative to what would have occurred otherwise." (econbrowser.com)
- The coronavirus is already triggering early retirements and will shrink US labor supply. (axios.com)
Earler on Abnormal Returns
- Personal finance links: goals-based investing. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: a massive bet. (abnormalreturns.com)
- Every Friday I send out five links for advisers to help them think a little differently about the world. Sign up now! (newsletter.abnormalreturns.com)
