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Quote of the Day
"So there is a lot about this market that does make sense. This is not to say the market is always right, or that the valuations of each of these businesses at this point is correct. I am just pointing out that it may not be as crazy as some suggest."
(The Brooklyn Investor)
Chart of the Day

You just lived through the worst economic quarter in modern history.
Markets
- Only one major asset class has negative returns over the past five years. (capitalspectator.com)
- S&P 500 companies paid out more in dividends in Q2 than spent on share buybacks. (ft.com)
- Money is coming out of money market funds. (sentimentrader.com)
Strategy
- What happens post-pandemic will tell us a lot about the position of the tech giants. (ritholtz.com)
- Identifying a bubble is really only possible in hindsight. (economist.com)
- Some investing advice from 1937 that still makes sense today. (novelinvestor.com)
Books
- Morgan Housel's "The Psychology of Money" is the finance book of the year. (blairbellecurve.com)
- Then again, maybe "How I Invest My Money" is. (thereformedbroker.com)
Apple
- Half of Berkshire Hathaway's ($BRK.A) value is now made up of shares in Apple ($AAPL) and cash equivalents. (macrumors.com)
- When dealing with developers what worked for Apple ($AAPL) five or ten years ago, no longer does. (ben-evans.com)
- Macintosh computers don't seem to hold their value they way they used to. (om.co)
IPOs
- The SPAC is evolving rapidly as offerings accelerate. (axios.com)
- What we know about the Airbnb IPO, so far. (nytimes.com)
- Palantir has moved its headquarters to Denver prior to its IPO. (msn.com)
Finance
- Who is going to buy LSE's stake in MTS which 'is a critical piece of European bond-market infrastructure.' (msn.com)
- The story of Citibank's ($C) errant wire transfers gets heated. (institutionalinvestor.com)
Venture
- On the growth in the agtech space. (news.crunchbase.com)
- VCs say they are working harder in pandemic. (institutionalinvestor.com)
Global
- Dubai wants to make itself into a global financial center. Can it? (economist.com)
- Yandex ($YNDX) exists in uneasy coexistence with the Kremlin. (technologyreview.com)
- Europe is dealing with a series of Covid-19 hotspots. (wsj.com)
Economy
- Don't let the stock market's recovery blind you from the damage done to the economy. (awealthofcommonsense.com)
- 1.1 million Americans filed initial unemployment claims last week. (calculatedriskblog.com)
- US household balance sheets were in pretty good shape going into the pandemic. (bnnbloomberg.ca)
- The Fed may not be forced to use yield curve control. (blogs.uoregon.edu)
- Why haven't evictions accelerated yet? (bloomberg.com)
Earlier on Abnormal Returns
- Longform links: Olympic uncertainty. (abnormalreturns.com)
- Big market moves demand an explanation: the case of gold. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: goals-based investing. (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)
Mixed media
- College towns are on pins and needle waiting for the Covid-19 shoe to drop. (theverge.com)
- Add the costs of Covid-19 testing to everything else for college students. (nytimes.com)
- The unbundling of college is going to be the undoing of many institutions. (washingtonpost.com)
- Colleges are loath to give discounts on tuition when going virtual. (nytimes.com)