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Quote of the Day
"The ETF industry is much more entrepreneurial than the traditional asset management world. That's why we’ve fit in. We've been willing to push the envelope a bit."
(Cathie Wood)
Chart of the Day

If you strip out Blackrock ($BLK), Moody’s shows that publicly traded asset managers have experienced net outflows over the past five years. (chart via @robinwigg)
Strategy
- The market is voting for a period of normalcy. (thereformedbroker.com)
- When it comes to investing, and politics, we are hopelessly biased. (pragcap.com)
Bond funds
- Even with low interest rates investors are still putting money into bond funds. (sentimentrader.com)
- What do continued bond inflows mean about investor sentiment? (retirementfieldguide.com)
Pfizer-BioNTech
- The Pfizer ($PFE)-BioNTech ($BNTX) vaccine showed good preliminary data. (nytimes.com)
- What we know, and importantly, what we don't know about the vaccine trial. (vox.com)
- Pfizer ($PFE) has designed its trial to get data, and presumably, approval first. (statnews.com)
- Some words of caution, as well. (ft.com)
VF Corp.-Supreme
- VF Corp ($VF) is buying streetwear icon Supreme. (bloomberg.com)
- What is VF Corp. ($VF) getting with Supreme? (gq.com)
McDonald's
- The future of McDonald's ($MCD) is the drive-thru lane. (wired.com)
- McDonald's ($MCD) is naming its new plant-based burger - 'McPlant.' (eater.com)
- Restaurant chains, like McDonald's ($MCD), don't want to have to shut in-store dining again. (wsj.com)
Companies
- Warren Buffett spent some $9 billion buying back Berkshire Hathaway ($BRK.A) shares in Q3. (markets.businessinsider.com)
- Apple ($AAPL) is increasingly becoming a subscriptions company. (compoundadvisors.com)
- E-commerce companies are focusing on smaller warehouses to meet fulfillment needs. (wsj.com)
Finance
- Why the DOJ is going to bat against Visa's ($V) acquisition of Plaid. (riabiz.com)
- The biggest PE equity investors in the US and around the world. (institutionalinvestor.com)
- VC data from October 2020 including the 14 newly crowned unicorns. (news.crunchbase.com)
Global
Pandemic
- 23 states set record highs for coronavirus cases last week. (axios.com)
- Another indication that the coronavirus is still raging across the U.S. (marginalrevolution.com)
- High positivity rates mean there are likely more infections out there than reported. (bonddad.blogspot.com)
Economy
Earlier on Abnormal Returns
- Adviser links: making it fun. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone was clicking on 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)