Quote of the Day
"It will take a big price move down to change the current sentiment and velocity of money."
(Howard Lindzon)
Chart of the Day

The return to the office was slow even before Delta kicked in. (via Snippet Finance)
Markets
- Lumber prices are now down year-over-year. (calculatedriskblog.com)
- A look at recent market trends including small cap underperformance. (compoundadvisors.com)
Strategy
- 10 reasons why stocks fall including: an earnings miss. (theirrelevantinvestor.com)
- Rebalancing a portfolio full of alternatives is no easy thing. (awealthofcommonsense.com)
- Value doesn't work without mean reversion. (blog.validea.com)
- Don't invest out of spite. (barrons.com)
Crypto
Amazon
- Amazon ($AMZN) seems to be winding down its drone delivery efforts. (wired.co.uk)
- Amazon ($AMZN) will pay you $10 for your palm print. (theverge.com)
Companies
- CVS ($CVS) is raising its minimum wage to $15 an hour. (businessinsider.com)
- Nike ($NKE) aims to grow by shrinking its distribution network. (marker.medium.com)
- Pepsi ($PEP) is getting out of the juice business. (wsj.com)
Finance
- Businesses are ramping up their credit lines at the big banks. (wsj.com)
- Zillow ($Z) is borrowing against its iBuyer portfolio of homes. (finance.yahoo.com)
- How do BNPL services work? (themarkup.org)
Fund management
- The key word for asset managers these days is 'stewardship.' (institutionalinvestor.com)
- A profile of Joel Tillinghast manager of the Fidelity Low-Priced Stock Fund who has benefited from the meme stock phenomenon. (wsj.com)
- Softbank has purchased a big slug of Roche shares. (ft.com)
Demographics
- Half the world already lives in countries with a below 'replacement rate' of fertility. (ft.com)
- A big difference between frontier and emerging markets is population growth. (topdowncharts.com)
Housing
- Why the US housing boom isn't going to turn on a dime. (knowledgeleaderscapital.com)
- When do rising home prices become a policy issue? (ft.com)
Earlier on Abnormal Returns
- Personal finance links: part of the equation. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: clear intellectual honesty. (abnormalreturns.com)
- August ESG links: diverse perspectives. (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)