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Quote of the Day
"The only thing worse than making a decision driven purely by taxes is to make a decision driven by speculation of what the taxes might be."
(Bryan D. Kirk)
Markets
- The thirst for IPOs is palpable. (sentimentrader.com)
- Mega cap stocks are taking a breather. (disciplinedinvesting.blogspot.com)
Strategy
- The past ten years have habituated investors to high returns. (compoundadvisors.com)
- Institutional investors are between a rock and hard place when it comes to return expectations. (awealthofcommonsense.com)
- Why you should take fund flow data with a big grain of salt. (morningstar.com)
- Active management and the paradox of skill. (evidenceinvestor.com)
Companies
- Why Square ($SQ) should buy Twitter ($TWTR). (medium.com)
- How Zoom ($ZM) and not Slack ($WORK) won the pandemic. (marker.medium.com)
- Why Amazon ($AMZN) wants to push warehouses closer to its customers. (bloomberg.com)
- The Trump administration is pushing forward its plan to ban the Chinese social media apps TikTok and WeChat from American app stores. (nytimes.com)
Finance
- The case surrouding negative crude oil futures earlier this year is no over by a longshot. (institutionalinvestor.com)
- The big home rental companies are standing by ready to buy up homes that stressed individuals may sell due to the pandemic. (wsj.com)
Fund management
- How this ETF will launch with more than $1 billion in AUM. (ft.com)
- A debate about whether private equity belongs in retirement accounts. (ritholtz.com)
Offices
- The majority of offices around the US remain closed. (wsj.com)
- Why Blackrock ($BLK) is never going 100% back into the office. (citywireusa.com)
- Why governments shouldn't be mandating a return to offices. (bloomberg.com)
- What is the future of the big corporate HQ? (hbr.org)
Global
Economy
- Initial unemployment claims are coming down but still have been at record levels over the past 26 weeks. (washingtonpost.com)
- Many airline workers are waiting for their jobs to get eliminated. (axios.com)
- Yelp ($YELP) reports that more small business closures are becoming permanent. (cnbc.com)
- The future of many small businesses now depends on their ability to renegotiate their leases. (nytimes.com)
Earlier on Abnormal Returns
- Podcast links: simple tools. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: unfettered media consumption. (abnormalreturns.com)
- On the challenge of holding two competing thoughts on the pandemic in your head a the same time. (abnormalreturns.com)
- Some thoughts on the relationship between time, creativity and wealth. (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)