Quote of the Day
"(T)oday’s space race between Bezos and Musk is quite different, comprising a few media- and Twitter-obsessed billionaires who some argue have too much money for their own good."
(Nick Bilton)
Chart of the Day
30-year mortgage rates are once again above 3.0%. (chart via Freddie Mac)
Markets
- U.S. stocks are at an all-time high. (crossingwallstreet.com)
- A look at value's outperformance in 2021. (evidenceinvestor.com)
Strategy
- Commodities in theory should hedge inflation, but probably isn't worth the hassle. (morningstar.com)
- How much diversification is too much? (theblindfoldedchimp.com)
- Leverage is a portfolio killer. (ritholtz.com)
Crypto
- Andreessen Horowitz has launched the largest crypto-focused VC fund. (theblockcrypto.com)
- Coinbase ($COIN) is entering Japan. (coindesk.com)
- Everybody talks their book, especially in crypto. (ft.com)
Fund management
- Vanguard was once a disruptor. What the firm is doing to stay on top. (morningstar.com)
- DFA has opened the door other big mutual fund conversions. (etf.com)
- Higher capital gains taxes would only accelerate the shift from mutual funds to ETFs. (ft.com)
- JP Morgan ($JPM) is buying timberland manager Campbell Global LLC. (bnnbloomberg.ca)
Companies
- Eli Lily ($LLY) is now seeking accelerated approval for its Alzheimer's drug. (markets.businessinsider.com)
- Instagram is pushing deeper into commerce, whether users like it or not. (vox.com)
- Topps is having a big year. (sportico.com)
Food
- Salad purveyor Sweetgreen is going public. (businessofbusiness.com)
- What goes into Subway's tuna sandwich? (nytimes.com)
- Local delivery co-ops are arising to take on Big Delivery. (bloomberg.com)
Air travel
- American Air ($AAL) is struggling to get back on track. (npr.org)
- Airlines and unions want unruly passengers prosecuted to the full extent of the law. (axios.com)
- Both the military and airlines are struggling to keep pilots. (bloomberg.com)
Economy
- Why aren't weekly initial unemployment claims coming down faster? (bonddad.blogspot.com)
- Supply constraints are going to extend the economic recovery. (axios.com)
Earlier on Abnormal Returns
- Longform links: Wall Street whistleblowers. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the R word. (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
- 20 books to read this Summer including "Chasing the Thrill: Obsession, Death, and Glory in America’s Most Extraordinary Treasure Hunt" by Daniel Barbarisi. (washingtonpost.com)
- The best economics books of the Summer including "Rescue: From Global Crisis to a Better World" by Ian Goldin. (ft.com)
- The 34 Best Books of 2021 so far including "Great Circle" by Maggie Shipstead. (esquire.com)
