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Quote of the Day
"Recognizing that every dollar you spend today is $10 or $100 or $1,000 you won’t have in the future doesn’t have to make you a miser. It teaches you to acknowledge the importance of measuring trade-offs."
(Jason Zweig)
Strategy
- An example of how investing based on a macro view can go wrong. (morningstar.com)
- It's hard to ignore the long-term effects of super-low interest rates. (humbledollar.com)
Companies
- Retailers are deploying software to speed up curbside delivery. (axios.com)
- TikTok was cruising along and then got blindsided by geopolitics. (wsj.com)
IPOs
- Why it seems like everyone is going public this week. (protocol.com)
- Why direct listings are going to put pressure on the traditional IPO. (news.crunchbase.com)
Housing
- Millennials are making up a larger percentage of home buyers this year. (wsj.com)
- Blackstone Group ($BX) is dipping its toe back into the single family home rental space. (bloomberg.com)
Funds
- Why did it take so long to launch the SPDR S&P 500 ESG ETF ($EFIV)? (riabiz.com)
- A talk with David Barse, CEO of XOUT Capital, about swapping active management for building indexes. (institutionalinvestor.com)
- Vanguard is restructuring its money market mutual funds. (thinkadvisor.com)
Global
- Canada's GDP fell at an annualized 38.7% in Q2, a record drop. (bnnbloomberg.ca)
- Why Brexit increases the chances of Scottish independence. (bloomberg.com)
- The populace of the US and UK are not happy with the government's response to the pandemic. (pewresearch.org)
Economy
- Tim Duy, "In a sense, the Fed has unanchored policy expectations by creating uncertainty around what it means to meet its inflation target." (msn.com)
- Consumers are already pulling back on spending. (bonddad.blogspot.com)
- Which is shopping up at grocery stores. (wsj.com)
- Cheaper, easier Covid-19 testing are the key to fully reopening the economy. (marginalrevolution.com)
Earlier on Abnormal Returns
- Podcast links: monopoly and growth. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the exact opposite. (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
- A look at the cities that are going to attract more work-from-homers. (msn.com)
- Many independent music venues are closing for good or having to sell. (npr.org)
- Book publishers held off putting books out in pandemic, so the Fall is facing an avalanche of releases. (ft.com)
- Patio heaters are the hot new home accessory in pandemic. (marker.medium.com)
