Quote of the Day
"Diversification protects against ignorance, not just our lack of knowledge about an event or company but also the knowledge and behavior of other market participants."
(Mark Rzepczynski)
Chart of the Day

The U.S. stock market is about as calm as it has been since before the pandemic. (chart via @ycharts)
Strategy
Crypto
- The cryptocurrency industry is learning to flex its muscles in Washington. (wsj.com)
- Coinbase ($COIN) Ventures has been busy. (forbes.com)
- Why a 'digital dollar' is inevitable. (bloomberg.com)
Companies
- Amazon's ($AMZN) push into podcasting is in large part about advertising. (bloomberg.com)
- Target ($TGT) continues to motor higher. (ft.com)
- Why Disney ($DIS) should consider merging its streaming services. (hollywoodreporter.com)
Finance
- A profile of Nathan Anderson of Hindenburg Research. (nytimes.com)
- Anxious hedge funds are beginning to redeem shares in underwhelming SPACs. (bloomberg.com)
- Kalshi is the first federally regulated exchange where participants can trade on the outcome of events. (institutionalinvestor.com)
- Big banks are trying to buy their way into the venture lending business. (ft.com)
ETFs
- ETFs are thriving because they are a better mousetrap. (ft.com)
- It has been a busy summer for ESG ETF filings in the U.S. (etf.com)
Work
- How the pandemic makes it feel as if we are all starting from scratch again. (hbr.org)
- More companies are having to deal with mental health issues. (axios.com)
- Remote work makes it possible for these hustlers to hold down two full-time jobs. (wsj.com)
Economy
- The Delta variant has hit business confidence in August. (wsj.com)
- The concert industry is once again struggling with Covid. (nytimes.com)
Earlier on Abnormal Returns
- Adviser links: the cost of cash. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- The most-read items last week on Abnormal Returns. (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
- The 2021 Financial Times and McKinsey Business Book of the Year Award longlist includes "The Cult of We" by Eliot Brown and Maureen Farrell. (ft.com)
- Ted Seides talks with Max Frumes and Sujeet Indap, co-authors of “The Caesars Palace Coup:How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street.” (capitalallocators.com)
- How to remember what you read. (fs.blog)