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Quote of the Day
"If you’ve got a plan, the worst possible moment to upend it is when you’re panicked."
(David Snowball)
Chart of the Day

Talking about the real estate sector, especially in pandemic, ignores a lot of differences.
Markets
- How the major asset classes performed in October 2020. (capitalspectator.com)
- How rising Covid cases affected returns in October. (mrzepczynski.blogspot.com)
Strategy
- The stock market doesn't care who wins the election. (thereformedbroker.com)
- Most election-related stock market moves happen before the actual election. (ofdollarsanddata.com)
- Why wholesale portfolio changes ahead of an event often backfire. (theirrelevantinvestor.com)
Crypto
Finance
- Companies hanging on by a thread are finding willing buyers of their convertible bonds. (wsj.com)
- Distressed debt funds raised a lot of capital in pandemic but haven't been able to put much of it to work. (ft.com)
IPOs
- Unicorns are seeing good outcomes in the IPO market. (news.crunchbase.com)
- If you said a pandemic would unleash an IPO boom, raise your hand. (axios.com)
- Why did two home lenders pull their IPOs? (wsj.com)
- SPACs are helping to buoy the NYSE relative to the Nasdaq. (ft.com)
Funds
- Why interest in music royalties, as an asset class, is growing over time. (wsj.com)
- Rick Redding, "The number of indices measuring ESG criteria grew by more than 40% in the past year." (blogs.cfainstitute.org)
Global
- Countries all across Europe are reimposing restrictions to curb infections. (wsj.com)
- The Czech Republic got the better of Covid in the Spring. Then it went back to normal. (thedailybeast.com)
- Nearly half of Slovakia’s entire population took COVID-19 swabs on Saturday. (uk.reuters.com)
- Israel's second lockdown seems to be working. (wsj.com)
Economy
- Checking in on eight high frequency indicators including office occupancy rates. (calculatedriskblog.com)
- A bad Covid situation is going to keep pushing spending from services into goods. (blogs.uoregon.edu)
- "Housing and manufacturing together are the most positive components of the entire economy right now." (bonddad.blogspot.com)
Election stuff
- A history of the Electoral College and the chances of mending it. (msn.com)
- How election maps can deceive: people vote, not geographies. (nytimes.com)
- Why the time for digital voting has come. (wsj.com)
Earlier on Abnormal Returns
- Adviser links: financial wellness. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone was reading last week on the site. (abnormalreturns.com)
- November ESG links: filing shareholder resolutions. (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)