Quote of the Day
"The fact that Musk owns 18% or 22% of Tesla’s stock is not what gives him power over Tesla; what gives him power over Tesla is that he is the CEO and product architect and visionary and social media manager, and it would die without him, or so he and the board and let's face it the shareholders think."
(Matt Levine)
Markets
- After an epic rally, lumber prices are now down YTD. (bloomberg.com)
- Americans are not all that optimistic about the stock market. (axios.com)
IPOs
- The IPO market has roared back to life. (awealthofcommonsense.com)
- Don't buy a stock just because its an IPO. (safalniveshak.com)
Strategy
- Why inexperienced investors are prone to buy lottery stocks. (klementoninvesting.substack.com)
- How ZIRP causes investors to reach for yield. (evidenceinvestor.com)
- Why regret is unavoidable for investors. (allaboutalpha.com)
Crypto
- Crypto derivatives trading has taken off. (finance.yahoo.com)
- Asset managers are jumping into the managed crypto space. (protocol.com)
- Ethereum 101. (morningstar.com)
Finance
- Citigroup ($C) now offers customers zero-commission trading. (bloomberg.com)
- Covid has accelerated the shift to electronic bond trading. (finance.yahoo.com)
- The asset management business in the US has consolidated more than in the EU.c (ft.com)
Hong Kong
- The exodus from Hong Kong is now well underway. (bloomberg.com)
- The U.S. is warning companies of the growing risk of operating in Hong Kong. (ft.com)
Economy
- Over the last 12 months, headline inflation is up by 5.32%. (crossingwallstreet.com)
- There's not a whole lot the Fed can do about inflation. (bonddad.blogspot.com)
- Rising rents are going to flow through into inflation measures. (washingtonpost.com)
- What state-level data tell us about the state of the economic recovery. (econbrowser.com)
- A whole class of food industry workers have moved on. (wsj.com)
Earlier on Abnormal Returns
- Research links: a one-stop index. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: the already rich. (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
- Books to read instead of going to B-school including "The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success" by William N. Thorndike. (ryanholiday.net)
- Barack Obama's summer reading list includes "Project Hail Mary" by Andy Weir. (esquire.com)
- Why most non-fiction cooks fail to deliver. (alephblog.com)
