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Quote of the Day
"Before you put your cash in any of this, bear in mind that it is easier to draw charts of upwardly rising Rolex prices than to make a profit from collectibles."
(Stefan Wagstyl)
Chart of the Day

The American economy has recovered its pandemic job losses.
Strategy
- Investors can now get non-zero yields on risk-free assets. (awealthofcommonsense.com)
- Investing lessons learned from Julian Robertson. (ft.com)
Companies
- Starbucks ($SBUX) has a new CEO. (marketwatch.com)
- Shopify ($SHOP) is still rightsizing its workforce. (theglobeandmail.com)
- Micron ($MU) is building a big new semiconductor plant in Idaho. (theverge.com)
- The Apple ($AAPL) iPhone now has a majority of the U.S. smartphone market. (ft.com)
- Now is the time to buy a used Peloton ($PTON) bike. (nytimes.com)
Startups
- The co-founder relationship is like a marriage. (protocol.com)
- A changing climate underlies growing interest in weather startups. (news.crunchbase.com)
- Not every CEO seeks the limelight like Elon. (ft.com)
Economy
- The August NFP report was 'solid.' (calculatedriskblog.com)
- Companies are struggling to train the workers they have hired. (wsj.com)
- Heavy truck sales are still hanging in there. (calculatedriskblog.com)
- Why the NBER doesn't rely on GDP alone to date recessions. (ritholtz.com)
Earlier on Abnormal Returns
- Podcast links: managing complexity. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the wrong model. (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)