Quote of the Day
"Missing out on investment fads is a feature, not flaw, of diversification."
(Adam Collins)
Chart of the Day

At the end of May, U.S. equities looked cheap relative to history.
Strategy
- Brendan Mullooly, "There’s no shortage of people promising investors stock-like returns with bond-like volatility." (yourbrainonstocks.com)
- Ben Carlson, "If there was no risk there would be no returns." (awealthofcommonsense.com)
Companies
- CSX ($CSX) is turning away freight traffic. (bloomberg.com)
- Are there too many publicly traded fintech companies? (cnbc.com)
Autos
- Auto insurance rates are set to surge. (wsj.com)
- National gasoline prices are approaching $5 a gallon. (axios.com)
- We may have already seen peak global ICE sales. (bnnbloomberg.ca)
Global
- Japan is still struggling with a persistently low birth rate. (wsj.com)
- How Canada can pass gun legislation. (nytimes.com)
Economy
- The May NFP report showed a 390k jump in jobs and a 3.6% unemployment rate. (calculatedriskblog.com)
- The employment economy is still really strong. (bonddad.blogspot.com)
- The Fed can't solve supply-side issues. (ft.com)
Earlier on Abnormal Returns
- Podcast links: winning with white noise. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: variance in outcomes. (abnormalreturns.com)
- Target date funds are a rare win for the behavioral finance crowd. (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)