Quote of the Day
"A company that you’ve owned for a decade or longer is, in many ways, a different company from the one you originally bought...You can buy and hold something static like a painting or gold, but not equities."
(Todd Wenning)
Chart of the Day

It wasn’t all that long ago that Chinese Internet stocks were outperforming those in the U.S. (via @charliebilello)
Strategy
- How much of risk taking is a function of super-low interest rates? (theirrelevantinvestor.com)
- Another sign that the equity market is overvalued. (alephblog.com)
- How to create a 30-stock, sector neutral, portfolio. (fortunefinancialadvisors.com)
- Joe Wiggins, "Difficulty matters for investors." (behaviouralinvestment.com)
Crypto
- A second Bitcoin mutual fund has launched. (etf.com)
- Future-based Bitcoin ETF filings are piling up at the SEC. (theblockcrypto.com)
Companies
- Amazon ($AMZN) now sells more good than Walmart ($WMT). (nytimes.com)
- Companies are sitting on a record amount of cash. (axios.com)
Finance
- The big publicly traded PE firms are on a tear. (ft.com)
- Why you can't learn to do big financial transactions on Zoom ($ZM). (nytimes.com)
- Is a pump-and-dump scheme executed in the public eye just as illegal? (morningstar.com)
Housing
- Why houses are not expensive as you think. (ritholtz.com)
- Lumber prices are now down YTD. (econbrowser.com)
- The August NAHB confidence index saw a dip. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Research links: hidden risks. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: the cost of cash. (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
- Chris Sacca doesn't think VCs have really focused on carbon. (axios.com)
- How to scale a startup faster - hire for certain roles earlier than you nee them. (tomtunguz.com)
- On the power of telegraphing your investment strategy to the world. (avc.com)
- How Automattic handles employee share sales. (ma.tt)