Quote of the Day
"When dumb moves happen in the market, and this is certainly that, people point to retail investors. Small money might have lit the match, but big money is pouring gasoline on the fire."
(Michael Batnick)
Chart of the Day

30-year mortgage rates are stuck below 3.0%. (chart via Freddie Mac)
Markets
- Gen Z has wrestled control away from the Baby Boomers. (fortune.com)
- Speculation has always been a feature of markets, but social media (and memes) are something different. (awealthofcommonsense.com)
- AMC Entertainment ($AMC) is warning you not to buy its stock. (finance.yahoo.com)
- GameStop and AMC are still in the Russell 2000 Value index. (wsj.com)
Companies
Air travel
- United Airlines ($UAL) is buying 15 Boom supersonic jets. (theverge.com)
- There is a growing shortage of private jets. (ft.com)
- Why airlines should just ban alcohol service on flights. (washingtonpost.com)
SPACs
- Chamath Palihapitiya is coming back to the SPAC market with four biotech-focused offerings. (ft.com)
- When we talk about SPAC returns we are really talking about three different things. (allaboutalpha.com)
Finance
- Activist hedge fund, Engine No. 1, is apparently just getting started. (ft.com)
- Reddit traders essentially bailed out AMC's bond holders. (pragcap.com)
ETFs
- An ETF wrapper cannot save an underperforming active strategy. (morningstar.com)
- Commodity prices are up, but interest in commodity ETPs is not. (etf.com)
- A profile of the new Democracy International Fund ETF ($DMCY). (riaintel.com)
Economy
- Weekly initial unemployment claims are down to pre-pandemic levels. (bonddad.blogspot.com)
- The May ADP employment report showed an almost 1 million increase in employment. (calculatedriskblog.com)
- The Fed is unwinding its Secondary Market Corporate Credit Facility (SMCCF). (axios.com)
Earlier on Abnormal Returns
- Longform links: dysfunctional drinking. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: trying not to lose. (abnormalreturns.com)
- June ESG links: stronger ground. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)
Mixed media
- Tim Kreider, "More and more people have noticed that some of the basic American axioms—that hard work is a virtue, productivity is an end in itself—are horseshit." (theatlantic.com)
- How rising costs are specifically affecting the price of building a house. (bloomberg.com)
- Where does the consumer subscription boom end? (washingtonpost.com)