Quote of the Day
"One of the most liberating realizations in money management is when you understand the perfect portfolio doesn't exist and that you should construct a simple & appropriate portfolio so you can focus most of your energy on other more important things in life."
(Cullen Roche)
Chart of the Day

30-year mortgage rates are stuck below 3.0%. (chart via Freddie Mac)
Markets
- The dividend yield on the S&P 500 is at a two-decade low. (ritholtz.com)
- Defensive sectors have led the market the past couple of months. (sentimentrader.com)
- Enjoy today's calm markets while you can. (compoundadvisors.com)
Crypto
- Why Bitcoin has lagged during this most recent crypto rally. (wsj.com)
- Here's the problem with a Bitcoin futures based ETP. (etf.com)
Finance
- West Palm Beach is bucking to become Wall Street South. (msn.com)
- How regulation of payment for order flow could actually play out. (bloomberg.com)
Apple
- Why Apple's ($AAPL) move to let 'reader' apps link to their sites is a big deal. (sixcolors.com)
- Apple ($AAPL) wants to put more health functionality into future Watches. (wsj.com)
- Apple ($AAPL) is starting to add state IDs to the iPhone Wallet. (theverge.com)
ETFs
- How much does the first-mover advantage matter for ETFs? A lot, actually... (etf.com)
- Should ETF investors care if others are shorting their fund? (morningstar.com)
Air travel
- Nearly every major company surveyed plans to spend less on air travel. (bloomberg.com)
- More companies say they are cutting back on air travel for environmental reasons. (ft.com)
- Why the experience of flying is now worse than ever. (slate.com)
Global
- China's tech giants are lining to pledge funds to the 'common prosperity' drive. (reuters.com)
- Over China, VCs are now focusing on India. (forbes.com)
Economy
- Weekly initial unemployment claims are at their lowest level since March 2020. (calculatedriskblog.com)
- The expiration of enhanced unemployment benefits will show in next month's NFP report. (bonddad.blogspot.com)
- Chip shortages are are really putting a crimp in auto sales. (cnbc.com)
- Trucking companies are looking overseas for drivers. (ft.com)
Earlier on Abnormal Returns
- Longform links: catering to tourists. (abnormalreturns.com)
- September ESG links: independent paths. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: being patient. (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
- Arthur C. Brooks, "Decades of studies have shown that the people most satisfied with their work are those who find a fundamental match between their employer’s values and their own." (theatlantic.com)
- Work really does expand to the time given it. (calnewport.com)
- Why do we work so darn much? (newyorker.com)