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Quote of the Day
"Most hedge funds are brilliant vehicles designed to make their managers rich. That doesn’t mean they’re doing anything illegal, or maybe even unethical. It’s capitalism. It just means they’re generally a terrible investment, like a new car or a $30,000 handbag. Only with hedge funds, you don’t even get the car or the bag."
(Brett Arends)
Markets
- No, the stock market is not in a 1999-like bubble. (ofdollarsanddata.com)
- What happens to the stock market during a contested Presidential election? (blairbellecurve.com)
- 2020 has been a dismal year for risk premia strategies. (institutionalinvestor.com)
Bonds
- Investors have to change their returns expectations with yields where they are right now. (medium.com)
- Bond math is pretty unforgiving, especially now. (morningstar.com)
Big Tech
- Is there a valuation fix for the Big Tech stocks? (institutionalinvestor.com)
- Why the narrative around Robinhood traders is wrong. (marketwatch.com)
IPOs
- Palantir Technologies ($PLTR) is expected to go public this week. What does the company actually do? (nymag.com)
- Project management company Asana ($ASAN) is listing this week as well. (news.crunchbase.com)
- AppHarvest Inc., a green tech agriculture startup, is going public via a SPAC. (thestreet.com)
Real estate
- Brookfield ($BAM) is trying to offload some of its mall portfolio. (wsj.com)
- Manhattan's offices are still largely empty. (wsj.com)
- Companies are going to have to entice their workers back to the office. (cnbc.com)
Funds
- Vanguard is liquidating two state muni money market mutual funds. (thinkadvisor.com)
- Cathie Wood’s Ark Investment Management is diverse and hires non-finance types. (msn.com)
Global
- Covid-19 has claimed one million lives globally. (axios.com)
- Polish e-commerce company Allegro is now public and the country's largest company. (ft.com)
- Positive economic surprises are piling up in the emerging markets. (sentimentrader.com)
Cities
- Economic activity is centered in cities and will be going forward. (ritholtz.com)
- There is a reason why humans have been moving into cities for millennia. (ft.com)
Pandemic economy
- Retail bankruptcies, liquidations and store closings in the U.S. reached records in the first half of 2020. (wsj.com)
- Small businesses have turned to technology to stay afloat in pandemic. (protocol.com)
- The pandemic has uniquely affected sports bars. (theathletic.com)
- How a brush with a severe case of Covid-19 convinced a business owner to sell his company. (barrons.com)
Earlier on Abnormal Returns
- Research links: uncertain sales growth. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: being a good podcaster. (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)
