Quote of the Day
"When the current plan is working, even better than expected, it is best to stick with it, make incremental improvements here and there, and keep at it."
(Fred Wilson)
Chart of the Day

Private equity stocks are having their day in the sun. (chart via @ycharts)
Strategy
- Predictions are hard. (awealthofcommonsense.com)
- There's only one defense against a revenue shock: cash. (klementoninvesting.substack.com)
- Some notes from "The Man Who Solved the Market" by Gregory Zuckerman. (novelinvestor.com)
Crypto
- Steve Randy Waldman, "In the end, I think crypto will be one of many examples of what I’ll call a “gray technology.” (interfluidity.com)
- What can the SEC actually do to rein in cryptocurrencies? (wsj.com)
- JP Morgan ($JPM) is now pitching an in-house Bitcoin fund to clients. (coindesk.com)
- Just how easy it is to launch your own sh*t coin. (nytimes.com)
Companies
- China's biggest companies are fading from the list of the biggest in the world. (bloomberg.com)
- Be careful what you wish for: on the battle against the Apple ($AAPL) and Google ($GOOGL) app stores. (variety.com)
- How expensive is too expensive for the high growth companies? (ft.com)
Retail
- Why your e-mail inbox is filled up with offers from retailers. (theatlantic.com)
- Amazon ($AMZN) is delaying its return to the office. (geekwire.com)
- Target ($TGT) is now providing assistance to employees to get a college degree. (businessinsider.com)
Venture capital
- Venture capital investors are getting pushed aside by a new class of investors. (theinformation.com)
- How institutional investors are displacing home buyers in starter homes. (bloomberg.com)
- Why fund LPs are not typically disclosed. (protocol.com)
ETFs
- More active ETFs are being launched to mirror existing open-end mutual funds. (citywireusa.com)
- Active ETFs are not immune from fee compression. (insight.factset.com)
- Cathie Wood's haters only make her more powerful. (bloomberg.com)
Economy
- The global chip shortage isn't getting any better. (vox.com)
- Weekly initial unemployment claims ticked lower, but Delta looms. (bonddad.blogspot.com)
- Mortgage rates keep ticking lower. (housingwire.com)
Earlier on Abnormal Returns
- Longform links: the creative class. (abnormalreturns.com)
- The big social media platforms change over time. So should your approach to them. (abnormalreturns.com)
- It has been a disappointing year for goldbugs. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: part of the equation. (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)