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Quote of the Day
"The history of finance over the last several generations, with its dot-com bubbles, Black Mondays, and Great Recessions, shows just how close we have come to conquering uncertainty. We are no closer to curing it than we are the common cold."
(Thomas Mayer)
Chart of the Day

In a volatile year, investors have shunned the so-called ‘dividend aristocrats.’ (chart via @ycharts)
Strategy
- How permabears peddle their wares. (retirementfieldguide.com)
- Compounding can only be shown, not taught. (theirrelevantinvestor.com)
Alternatives
- The pandemic has given a boost to those looking to diversify their portfolio by investing in art. (riaintel.com)
- How royalty exchanges are not unlike a 'reverse mortgage' for musicians. (news.yahoo.com)
Companies
- Facebook ($FB) is going free to attract users to its streaming game platform. (wsj.com)
- Disney+ is becoming an increasingly important part of Disney. (theringer.com)
- Some of Quibi's shows will find a home elsewhere. (wsj.com)
IPOs
- The Ant Group IPO will be the largest in history. (cnbc.com)
- The ten companies that the EquityBee community most want to see come public. (news.crunchbase.com)
Pandemic finances
- The boost in personal savings in pandemic is not just a US phenomenon. (wsj.com)
- It's not just Americans who are trading like crazy in pandemic. (evidenceinvestor.com)
Global
- We can declare a winner of the US-China trade war, and it's not the US. (cnn.com)
- Governments around the world are struggling to deal with 'pandemic fatigue. (wsj.com)
Earlier on Abnormal Returns
- Adviser links: an inclusive workplace. (abnormalreturns.com)
- Jon, thanks for including us in your journey. (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)