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Quote of the Day
"One thing you will not find throughout the annals of Berkshire Hathaway’s history is a lot of “thematic” investing. Buffett doesn’t do “themes.” He would not have been a big user of Motif Investments."
(Josh Brown)
Chart of the Day

It’s not just US stocks that are having a good August. (chart via @ycharts)
Retail trading
- Individual stock trading is at a decade-long high. (wsj.com)
- Eight reasons not to day trade. (whitecoatinvestor.com)
Strategy
- The bull and bear case for every asset class that matters. (awealthofcommonsense.com)
- Why returns are going to be hard to come by. (signalee.com)
Companies
- Berkshire Hathaway ($BRK.A) purchased stakes in five of Japan's big trading companies. (wsj.com)
- Nestle is buying Aimmune ($AIMT) for its peanut allergy treatment. (cnbc.com)
IPOs
- Global IPO fundraising is on record pace fueled in part by the coming Ant Financial deal. (bloomberg.com)
- Profitable GoodRx has filed to go public. (news.crunchbase.com)
Finance
- Insider trading is running rampant as the SEC sits on its hands. (msn.com)
- Would you buy a hedge fund from this man? (politico.com)
Global
- Why Scottish independence is back on the table. (wsj.com)
- Abenomics will outlast the career of Prime Minister Abe. (nytimes.com)
- Germany's billionaires generally like to keep a low profile. (ft.com)
Pandemic
- Increased demand and production delays are creating a shortage of physical books. (nytimes.com)
- Appliances are in short supply around the Labor Day holiday. (nypost.com)
- The US dumbbell shortage explained. (vox.com)
Economy
- Checking in on seven high-frequency economic indicators. (calculatedriskblog.com)
- The goods and services sectors in the US are going in opposite directions. (finance.yahoo.com)
- Women are feeling the brunt of this recession. (ft.com)
- Renting a U-Haul from New York to Vermont costs nearly 3x than does the reverse trip. (msn.com)
Earlier on Abnormal Returns
- Adviser links: a shrinking demographic. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- The most-read items last week on the site. (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)