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Quote of the Day
"At best, this kind of overinterpretation of random events is harmless and doesn’t cost you too much money (though it usually does cost you at least some performance). At worst, it can be the pathway to a loss of reality."
(Joachim Klement)
Chart of the Day
Mortgage rates have hit a new record low. (chart via Freddie Mac)
Markets
- Fund managers haven't been this bullish on stocks since 2018. (sentimentrader.com)
- There isn't much yield on high yield bonds these days. (compoundadvisors.com)
Strategy
- The 2020 stock market is unique for its massive turnaround. (awealthofcommonsense.com)
- The small cap drawdown was even worse. (theirrelevantinvestor.com)
Companies
- Apple ($AAPL) is cutting its App Store commission for smaller developers. (theverge.com)
- A bunch of companies, including Heyday, are targeting third party sellers on Amazon ($AMZN). (forbes.com)
- Buy-now, pay-later company Affirm has filed for an IPO. (techcrunch.com)
Funds
- The S&P index committee has never done this before. (sentimentrader.com)
- Why 2020 has been a bum year for quant funds. (economist.com)
Global
- Chile's pension system is crisis as the floodgates open to withdrawals. (marginalrevolution.com)
- Why Finland and Norway have avoided going back into lockdown. (wsj.com)
Cruises
- A real-world example why getting back to cruising will be difficult. (axios.com)
- Volunteers are lining up to get on mock cruises to test Covid measures. (cnn.com)
- Cargo ships and cruise liners are being scrapped in growing numbers. (wsj.com)
- Cruise companies are sitting on newly delivered ships that are just sitting at the dock. (msn.com)
Thanksgiving
- The CDC is recommending Americans not to travel for Thanksgiving. (npr.org)
- Other public health officials are urging people to not travel for Thanksgiving. (wsj.com)
- We should postpone Thanksgiving. (nytimes.com)
- Cancel Thanksgiving this year with the hope of a better one in 2021. (theatlantic.com)
Schools
- School districts across the country are using very different coronavirus criteria. (wsj.com)
- Schools should be the last thing we close. (nytimes.com)
- There is ample evidence that schools can safely stay open. (theatlantic.com)
- Schools don't operate in a bubble. (vox.com)
Economy
- Weekly initial unemployment claims have broken their downtrend. (calculatedriskblog.com)
- Renewed restrictions are going to start hitting the economy. (bonddad.blogspot.com)
- How some people are using the pandemic as a springboard to a new, more entrepreneurial, career. (wsj.com)
Earlier on Abnormal Returns
- Longform links: an absurd system. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: knowing your finances. (abnormalreturns.com)
- Get used to the term 'digital health passport' as the coronavirus vaccine rolls out nationwide. (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)
