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Quote of the Day
"If political claims about investments and the economy can be so easily challenged, why do they persist?"
(John Rekenthaler)
Chart of the Day
“The current employment recession is by far the worst recession since WWII in percentage terms, and the worst in terms of the unemployment rate.”
Credit
- Distress in the high yield bond market has eased this summer, maybe too much. (barrons.com)
- Muni bond defaults are ticking up. (wsj.com)
Strategy
- Why it's so difficult for a company to stay on top of the market cap heap. (wsj.com)
- "Buffett’s life is a lesson in extreme compounding." (novelinvestor.com)
Companies
- Remember Juul? The company is cutting half its workforce. (wsj.com)
- Softbank was apparently buying call options on tech stocks hand over fist. (ft.com)
Funds
- The Vanguard Total Stock Market Index fund has become the first fund, ever, with more than $1 trillion in AUM. (barrons.com)
- The JPMorgan Ultra-Short Income ETF ($JPST) is now the largest actively managed ETF. (financial-planning.com)
Work
- Cameron Anderson, "My advice to managers would be to pay attention to agreeableness as an important qualification for positions of power and leadership. Prior research is clear: Agreeable people in power produce better outcomes." (newsroom.haas.berkeley.edu)
- In-person conferences won't return until a coronavirus vaccine is widespread. (bbc.com)
- Younger workers are especially disadvantaged by work from home. (theatlantic.com)
Media
- WGN America is jumping into the national cable news fray. (msn.com)
- The Pentagon is shutting down the Stars and Stripes newspaper. (usatoday.com)
- The most popular websites since 1993. (visualcapitalist.com)
Economy
- The US economy has gained back roughly 50% of the jobs lost in pandemic. (crossingwallstreet.com)
- A majority of young adults in America now live with their parents for the first time since the Great Depression. (pewresearch.org)
- Gold is a terrible predictor of inflation. (finance.yahoo.com)
Earlier on Abnormal Returns
- Podcast links: cutting down your queue. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: practical wisdom. (abnormalreturns.com)
- September ESG links: perfection not needed. (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)
