Quote of the Day
"Corporate America didn’t ask for a complete restructuring of the way people work but that’s what the pandemic has given us."
(Ben Carlson)
Chart of the Day

Going back to 1928, Monday was among the best breadth days ever…
Markets
- Share buybacks are back, after a pandemic pause. (axios.com)
- More money has already flowed into muni bond funds than in all of 2020. (investmentnews.com)
- Will Bitcoin crash the stock market? (theirrelevantinvestor.com)
Crypto
- Bitcoin has dropped more than 50% from its peak. (coindesk.com)
- Monero is the new Bitcoin for the ransomware crowd. (ft.com)
Companies
- Google ($GOOGL) CEO Sundar Pichai is under fire from within the company. (nytimes.com)
- Facebook's ($FB) Instagram is losing its luster. (ft.com)
Finance
- Blackstone ($BLK) is back in the business of owning single-family homes. (axios.com)
- M&A volume will set a record in the U.S. in 2021. (axios.com)
SPACs
- The SPAC space is full up with sports-focused offerings. (sportico.com)
- Family offices are big players in the SPAC game. (ft.com)
Trading
- Why retail brokers should offer access to IPOs. (protocol.com)
- Retail trading is going global. (howardlindzon.com)
a16z
- Noah Smith talks with Marc Andreessen. (noahpinion.substack.com)
- Andreessen Horowitz is investing at a rapid clip in 2021. (news.crunchbase.com)
- What is a16z trying to accomplish with its new Future site? (newcomer.co)
Fund management
- Baillie Gifford has grown AUM by successfully focusing on some of the market's best growth stories. (ft.com)
- Why you should expect the pace of asset management M&A to continue in 2021. (institutionalinvestor.com)
Coronavirus
- The U.S. will likely miss its July 4th goal of 70% initial vaccinations. (npr.org)
- The Delta variant will soon be dominant in the U.S. (npr.org)
- The Delta variant is a warning: get vaccinated. (drtomfrieden.medium.com)
Inflation
- The number of inflation mentions during company conference calls has surged. (axios.com)
- Inflation fears seem to have peaked for now. (capitalspectator.com)
- Inflation is one thing that affects every investor. (integratinginvestor.com)
Economy
- The economy needs time to rebuild inventories. (mrzepczynski.blogspot.com)
- The case for home price increases to slow. (bonddad.blogspot.com)
- Why retailers are particularly affected by hiring problems. (washingtonpost.com)
Earlier on Abnormal Returns
- Research links: volatile factor exposures. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: the other 99%. (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
- Have you checked out Wall Street Reading List? (wallstreetreadinglist.com)
- The best business books of the Summer including "Amazon Unbound: Jeff Bezos and the Invention of a Global Empire" by Brad Stone. (ft.com)
- Five insights from Katy Milkman's new book "How to Change: The Science of Getting from Where You Are to Where You Want to Be." (nextbigideaclub.com)