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Quote of the Day
"Grace and humility are not two things conventionally linked to successful investors. But they can be extremely useful during the down times, which happen more frequently than many people think."
(Jacob Schroeder)
Chart of the Day

The energy sector is in a historically large drawdown relative to the overall market.
Strategy
- Checking four boxes in favor of a stock market bubble. (morningstar.com)
- It's not enough to know what events will happen in the future. To profit you have to know how the market will react. (evidenceinvestor.com)
- It's unlikely your financial plan says anything about panicking about election results. (nytimes.com)
Crypto
Airbnb
- Why the Airbnb IPO is a big deal for Y Combinator. (news.crunchbase.com)
- Airbnb is planning to create a new "host endowment" using shares. (protocol.com)
Big Tech
- Combined, the four companies (Amazon, Apple, Alphabet and Facebook) reported a quarterly net profit of $38 billion. (nytimes.com)
- Big tech companies are increasingly encroaching on each other's turf. (ft.com)
Companies
- Juul was once valued at $38 billion. Now it's not. (wsj.com)
- Americans are loading up on Tupperware ($TUP) products in pandemic. (apnews.com)
Finance
- Why the DOJ is taking a deep dive into VIsa's ($V) proposed acquisition of Plaid. (riabiz.com)
- XTX Markets is using its expertise in machine learning and AI to make venture investments via XTX Ventures. (qz.com)
- The CDS market is signaling that recoveries from recent bankruptcies are pretty low. (ft.com)
- Chinese investors are 'all-in' on the Ant Financial IPO. (wsj.com)
SEC
- The SEC is going to leave the leveraged ETF space unchanged for now. (wsj.com)
- Why there was so much opposition to the SEC changing its 13-F rules. (msn.com)
Economy
- Why strong personal income growth is surprising. (bonddad.blogspot.com)
- Canada's GDP is about 3.9% below its peak in February. (bnnbloomberg.ca)
Earlier on Abnormal Returns
- Podcast links: not-so common sense. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: changing the channel. (abnormalreturns.com)
- Starting something new is hard, staying with it even harder. (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)