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Quote of the Day
"SPACs remove a layer of scrutiny in the early stages that may screen out some of the worst offenders before they can suck the public in."
(Josh Brown)
Chart of the Day

The gap between pension return expectations and yields keeps growing.
Markets
- Tea prices are soaring in pandemic. (wsj.com)
- The reversal in lumber prices is impressive. (seeitmarket.com)
- The US dollar has stopped going down. (sentimentrader.com)
Strategy
- Why dividends matter. (crossingwallstreet.com)
- Why the value factor isn't dead, yet. (albertbridgecapital.com)
- Why traditional value measures don't work any more - think intangible assets. (theirrelevantinvestor.com)
- The best growth stocks are really hard to hold over the long term. (blog.validea.com)
Apple
- Putting some numbers to the size of the Apple ($AAPL) ecosystem. (asymco.com)
- A largely positive review of iOS 14. (theverge.com)
- iOS 14 has upgraded security features. (wired.com)
- Ten years in, the Apple ($AAPL) iPad is still evolving. (fastcompany.com)
Companies
- How Amazon ($AMZN) prevents competitors from advertising rival products on the site. (wsj.com)
- The co-founder of Chewy.com ($CHWY) wants to transform GameStop ($GME). (markets.businessinsider.com)
- Why corporate conglomerates have largely faded away. (ft.com)
- The Wirecard fraud was more extensive than previously thought. (ft.com)
Finance
- The biggest wholesale mortgage originator in the US, United Wholesale Mortgage, is merging with a SPAC. (wsj.com)
- Citigroup ($C) has closed its market making business in retail options. (ft.com)
- The CME ($CME) is planning a California water contract. (wsj.com)
- Next Insurance wants to be the go-to insurance provider for small business across the US. (news.crunchbase.com)
Funds
Work
- Companies are still learning how to on-board new employees remotely. (vox.com)
- How much should companies tell employees about coronavirus cases? (cnbc.com)
- Why mission is important when building a career. (independenceadvisors.com)
- How to choose which fires to put out at work. (avc.com)
Earlier on Abnormal Returns
- Personal finance links: the best time to start saving. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: optimizing taxes. (abnormalreturns.com)
- Every Friday I send out five links for advisers to help them think a little differently about the world. Sign up now! (newsletter.abnormalreturns.com)
Mixed media
- The business of venture capital fundraising has moved onto Zoom ($ZM). (wsj.com)
- Will Snowflake's ($SNOW) change perceptions about a certain type of incubation process? (kwokchain.com)
- How to value a high growth software company. (tomtunguz.com)
- Why the “link in bio” business even exists. (theverge.com)
- Are founders ever allowed to lie? (alexdanco.com)