Quote of the Day
"Luck, confidence, and wealth have created an age of speculation. Signs of economic aggression are everywhere."
(John Rekenthaler)
Chart of the Day

COVID fears are still the biggest hindrance to people returning to work.
Markets
- Stocks and commodities rarely rally so much in the same year as they have YTD. (sentimentrader.com)
- Why aren't interest rates higher? (awealthofcommonsense.com)
- A review of some of the big market trends including high yield spreads. (compoundadvisors.com)
Crypto
- ARK Invest and 21Shares have filed for a Bitcoin ETF. (barrons.com)
- FTX just brought on a couple of high profile investors in Tom Brady and Gisele Bündchen. (coindesk.com)
Amazon
- Want to do business with Amazon ($AMZN)? Prepare to give up a stake in your company. (wsj.com)
- Five insights from Brad Stone's new book "Amazon Unbound: Jeff Bezos and the Invention of a Global Empire." (nextbigideaclub.com)
Technology
- AI is moving from the cloud to the device. (wsj.com)
- How an Apple ($AAPL) Watch could replace your wallet. (finance.yahoo.com)
- Thank goodness for semiconductors. (howardlindzon.com)
Finance
- Private equity is increasingly enamored with SaaS companies. (protocol.com)
- The big banks are raising their dividends including Morgan Stanley ($MS). (cnbc.com)
Fund management
- The inspiration behind the Engine No. 1 Transform 500 ETF ($VOTE). (etf.com)
- Hedge fund fees keep falling. (cnbc.com)
Economy
- Housing prices rose at a 14.4% annual rate ending in April, per Case-Shiller. (housingwire.com)
- Housing affordability is falling rapidly. (bonddad.blogspot.com)
- Two indications, rail traffic and chemical activity, that the U.S. economy is growing rapidly. (valueplays.net)
- Seven reasons to be optimistic about the U.S. economy including 'there are a ton of open jobs.' (slate.com)
Earlier on Abnormal Returns
- Research links: due diligence. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: the first meeting. (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
- Mark Suster, "Almost every successful company is a mixture of very hard work by the founders mixed with a pinch of luck, good fortune and perseverance." (bothsidesofthetable.com)
- Some companies are providing workers with more time off post-pandemic. (washingtonpost.com)
- A look at new unicorns by geography. (blog.eladgil.com)