Quote of the Day
"Prices, therefore, rule everything. Prices determine returns and, ultimately, prices determine wealth. So you can beat the drum of fundamentals all you want, but it won’t change a thing in the meantime. It’s sad, but true."
(Nick Maggiulli)
Chart of the Day
Why 30-year mortgage rates are still under 3.0%. (chart via Freddie Mac)
Markets
- The S&P 500 has hit 51 record highs in 2021. (crossingwallstreet.com)
- Historically the Summer has not been great for stocks. (allstarcharts.com)
Taiwan Semiconductor
- Taiwan Semi ($TSM) is raising chip prices across the board. (wsj.com)
- Why Taiwan Semi ($TSM) is building a new chip plant in the U.S. (bloomberg.com)
Companies
- Why Netflix ($NFLX) has to expand into gaming. (matthewball.vc)
- Spotify ($SPOT) needs to 'break out of its lane.' (musicindustryblog.wordpress.com)
- Hulu is facing an existential content crisis. (variety.com)
Media
- Politico is being acquired by Axel Springer. (nytimes.com)
- Forbes Media is going public via a SPAC merger. (markets.businessinsider.com)
Finance
- The Long Term Stock Exchange has its first two listings. (bloomberg.com)
- Broadbridge ($BR) dominates the market for investor communications. (ft.com)
Global
- Despite disruptions, global trade volume is at a new high. (ft.com)
- The UK has a truck driver shortage. (nytimes.com)
- China's factories have their own worker shortages. (wsj.com)
- Trading in Japanese government bonds has dried up. (economist.com)
Economy
- Weekly initial unemployment claims were pretty much flat last week. (calculatedriskblog.com)
- The labor market is acting really weird. (marginalrevolution.com)
- Some companies have stepped up their efforts to get employees (and customers) vaccinated. (ritholtz.com)
Earlier on Abnormal Returns
- Longform links: closed doors. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: financial baggage. (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)
