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Quote of the Day
"The reason financial markets have done well over the last 40 years is because we’ve been in a 40-year disinflationary environment."
(Paul McCulley)
Chart of the Day

20 crazy market stats including this look at the five biggest companies in the S&P 500.
Big Tech
- Why implied volatility on the Big Tech stocks has been on the rise. (ft.com)
- Five technologies that the pandemic is accelerating. (blog.yardeni.com)
- Why 'tech compression' could turn into decompression. (pragcap.com)
Strategy
- We are seeing the 'Common Knowledge Game' in action. (epsilontheory.com)
- Mark Rzepczynski, "Breaking existing belief structures is one of the most important skills for any worthy investor." (mrzepczynski.blogspot.com)
- Why this criticism of index investing doesn't hold water. (ritholtz.com)
Japan
- Why Japan's 'trading companies' hold interest for Buffett and Berkshire ($BRK.A). (ft.com)
- Why KKR ($KKR) is expanding its footprint in Japan. (ft.com)
Finance
- Fred Wilson, "I now see them [SPACs] as part of the continued “assault” on the traditional IPO process and largely a good thing." (avc.com)
- Why would anyone want the headache of running a high profile hedge fund these days? (ft.com)
ETFs
- A look at August ETF flows including $QQQ and $IAU. (morningstar.com)
- Some ETFs advisers can't do without. (etf.com)
Sports cards
- Sports card prices are soaring in pandemic. (axios.com)
- You can't talk about sports card without discussing the 'grading agencies.' (axios.com)
Global
College
- Why decisions about college this year are excruciating. (330ramp.com)
- How the pandemic is changing perceptions around the value of in-person learning. (seths.blog)
- Why college kids are going to struggle with restrictions and isolation. (theatlantic.com)
Economy
- Continuing claims continue to ease, albeit slowly. (bonddad.blogspot.com)
- More small businesses are simply closing the doors for good and bypassing the bankruptcy process altogether. (politico.com)
- US federal government debt is headed back to WWII levels. (wsj.com)
Earlier on Abnormal Returns
- Longform links: practical wisdom. (abnormalreturns.com)
- September ESG links: perfection not needed. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the rental "income" myth. (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
- Mark P. Mills, "We’ll soon see how sticky WFA is once it’s no longer forced." (city-journal.org)
- If nothing else, the pandemic has forced companies to be more flexible. (ft.com)
- Proximity is still important when it comes to innovation. (fastcompany.com)
- How to stay focused when working from home. (wsj.com)