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Quote of the Day
"Ultimately, all that matters is that you find what works for you. Not what works for your neighbors, not what works for your colleagues, and not what works for your peers. What works for you."
(Nick Maggiulli)
Markets
- Why the Dow Industrials has three new members. (axios.com)
- How worried should we be about high market P/Es? (crossingwallstreet.com)
Strategy
- Thinking about timing the market? Consider the emotional challenges and financial costs first. (msn.com)
- How 'market nihilism' manifests itself. (integratinginvestor.com)
Retail
- The shift to online retail is here to stay. (om.co)
- Landlords are including pandemic clauses in new leases. (wsj.com)
Finance
- How is it possible to send out $900 million in error? (bloomberg.com)
- Why has the Bloomberg terminal been so immune to competition and disruption? (netinterest.substack.com)
Venture
- General Atlantic and Sequoia Capital don't want to be left out of any TikTok deal. (wsj.com)
- Venture fundraising (and spending) has not really been affected by the pandemic. (news.crunchbase.com)
IPOs
- Bill Gurley, "The bottom line is that SPACs are a very legtimate path to the public markets. They have a lower cost of capital vs a traditional IPO." (abovethecrowd.com)
- Video game engine maker Unity has filed to go public. (techcrunch.com)
- Asana has filed for a direct listing. (news.crunchbase.com)
- The Nasdaq wants to get in on the direct listing action as well. (reuters.com)
Fund management
- 188 ETPs have already closed this year. (wsj.com)
- JPMorgan Chase ($JPM) is paying up to buyout its partner in its Chinese mutual fund business. (ft.com)
Global
- The German economy contracted by a record 9.7% in Q2. (reuters.com)
- Despite an uptick in cases in the UK, deaths have not. (ft.com)
Economy
- The Back-to-Normal Index shows economic activity has flatlined this Summer. (cnn.com)
- The housing market is on fire. (bonddad.blogspot.com)
- Did the recession end in July? (capitalspectator.com)
- The pandemic recession is slowly turning temporary layoffs into permanent job losses. (washingtonpost.com)
Earlier on Abnormal Returns
- Research links: defining what matters. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: the great unknown. (abnormalreturns.com)
- Big market moves demand an explanation: the case of gold. (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)
