Are you already signed up for our daily e-mail newsletter? Great, but did you know that we just launched an adviser-focused e-mail on Fridays? Now you do. Sign up here!
Quote of the Day
"If we hope to understand behavior, and ultimately to change it, we need to see the stories behind it. Because, in many ways, we’re all irrational sometimes."
(Seth Godin)
Chart of the Day

The Trade Desk ($TTD) is bigger, in market cap, than WPP and Omnicom combined.
Markets
- Clean energy stocks are dominating in 2020. (wsj.com)
- Call buyers are still out in force. (sentimentrader.com)
Strategy
- Big known events, like Y2K or a presidential election, are usually priced into markets. (athrasher.com)
- Is there any reason to believe that the SPAC fad should end up better for investors than prior fads? (washingtonpost.com)
Companies
- Should Disney ($DIS) cut its dividend like Dan Loeb suggests? (crossingwallstreet.com)
- Employees fleeing Silicon Valley for less expensive locales are having their pay cut. (wsj.com)
- Just how big is the opportunity in sports gambling in the US? (morningstar.com)
Retail
- Amazon ($AMZN) Prime Day starts tomorrow. (barrons.com)
- Covid-19 Essentials is a new store for all your pandemic shopping needs. (nytimes.com)
Finance
- Venmo and Cash App are dealing with a surge in fraud. (nytimes.com)
- About 70% of corporate defaults in the U.S. are in four sectors including retail/restaurants. (institutionalinvestor.com)
- Ant Financial is getting customers to buy mutual funds that will then get shares in the firm's IPO. (wsj.com)
- Venture capital industry statistics are, at best, incomplete. (tomtunguz.com)
Funds
- A proposed SEC rule would make it easier for registered investment companies to buy shares in other funds. (etf.com)
- Vanguard's joint venture with Ant Financial to provide a robo-advisor service may not be all exclusive. (ft.com)
Economy
- Checking in on seven high frequency economic indicators. (calculatedriskblog.com)
- It will take policy changes to get American business to reshore more of their manufacturing capacity in the US. (barrons.com)
- Demographics is a tail wind for single family housing demand in the US. (calculatedriskblog.com)
- The 2020 Nobel Prize in Economics goes to Paul Milgrom and Robert Wilson for auction theory and the improvement of auction designs. (marginalrevolution.com)
Earlier on Abnormal Returns
- Adviser links: proactive communications. (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)