Quote of the Day
"If this year has shown us anything, it’s that the IPO and M&A markets have risen to the challenge; they’ve swelled to accommodate the team of unicorns born in the last decade."
(Tomasz Tunguz)
Chart of the Day

The Chinese stock market has been underperforming the U.S. for awhile now.
Companies
- On the booming business of corrugated cardboard and other shipping materials. (fastcompany.com)
- Amazon ($AMZN) keeps taking market share in book sales. (medium.com)
Finance
- When brokers go public, beware. (wsj.com)
- The state of today's financial exchanges: distorted and 'largely opaque.' (protocol.com)
Fund management
- Closed-end fund managers are doing what they can to stave off activist hedge funds. (barrons.com)
- Despite the hype, the ETF industry is still largely passive. (etf.com)
Global
- Investors are trying to decide how to deal with China's crackdown on tech companies. (wsj.com)
- The global supply chain wasn't built with a sudden stop and restart in mind. (ft.com)
Policy
- U.S. population growth has ground to a halt. (wsj.com)
- How rising wages and an ebullient stock market have helped increase wealth inequality. (morningstar.com)
- Barry Ritholtz talks with Brian Deese, director of the National Economic Council under President Joe Biden, about the administration’s plans to challenge anti-competitive forces across the economy. (ritholtz.com)
- How are the states going to spend the proceeds from the opioid settlement. (statnews.com)
- Why Starbucks ($SBUX) shouldn't be America's bathroom provider of last resort. (vox.com)
- Why Medicare Advantage enrollment is on the rise. (theincidentaleconomist.com)
- Transmission lines are infrastructure. (theatlantic.com)
Economy
- The labor shortage isn't going away any time soon. (barrons.com)
- Existing workers are having to play catch up with new hires on pay. (wsj.com)
- Vaccine mandates are going to complicate the jobs recovery. (axios.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: hospitalizations and deaths. (abnormalreturns.com)
- Investing, everywhere and always, has always been a social activity. (abnormalreturns.com)
- Two charts with lines going down: on mortgage rates and demographics. (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)