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Quote of the Day
"Markets have been very optimistic since the global economy reached its trough in the spring. The harder part is now just starting."
(Martin Wolf)
Chart of the Day

What are Americans doing with the time saved by not commuting in pandemic? Mostly working…
Markets
- This is historically the weakest week of the year for the stock market. (quantifiableedges.com)
- Retail call option buying has not really dropped off that much. (sentimentrader.com)
- Inflows into leveraged ETPs are on the rise. (ft.com)
Strategy
- Why bears always sound smarter than bulls. (theirrelevantinvestor.com)
- Negativity is not an investment strategy. (awealthofcommonsense.com)
- Everybody faces drawdowns, even billionaires. The question is how you get through it that matters. (thereformedbroker.com)
Companies
- Microsoft ($MSFT) is buying Bethesda Softworks to boost its gaming business. (msn.com)
- eBay ($EBAY) is transition some shipping from the USPS to UPS ($UPS). (washingtonpost.com)
- How Pinterest ($PINS) beat back vaccine misinformation. (statnews.com)
- Etsy ($ETSY) sellers still can't make enough masks. (theverge.com)
Nikola
- Nikola ($NKLA) looks a lot less like Tesla ($TSLA) than it used to. (bloomberg.com)
- The Nikola ($NKLA) story is unraveling: the company's founder/chairman has resigned. (nytimes.com)
Tesla
- Tesla's ($TSLA) edge is due in large part to its lead in battery technology. (ft.com)
- Falling battery prices are making EVs more competitive than previously thought possible. (nytimes.com)
Finance
- Social Capital is planning to launch three new SPACs. (finance.yahoo.com)
- Chime is now the most valuable US fintech startup. (cnbc.com)
Global
- Parts of Madrid are going back on lockdown. (ft.com)
- Covid-19 trends in the UK are not great. (npr.org)
Economy
- Seven high frequency economic indicators. (calculatedriskblog.com)
- The number of American homes for sale was tight even before pandemic. (wsj.com)
- If the Fed's forecast plays out expect a flat yield curve moving forward. (blogs.uoregon.edu)
- America's unemployment system is straining under the demands of pandemic. (axios.com)
Earlier on Abnormal Returns
- Adviser links: an act of commitment. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone was reading 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)