Quote of the Day
"If we assume the point of investing is ultimately to improve your quality of life and the quality of life of those you most care about, investments that consistently add stress over long periods of time probably don’t make sense."
(Tim Ferriss)
Chart of the Day

A reminder of just how unusual the lumber market was the past few years.
Markets
- Defensive sectors have underperformed this year. (theirrelevantinvestor.com)
- It's no wonder U.S. investors have shunned international stocks. (freedomdaysolutions.com)
Companies
- American railroad companies are at risk of greater political pressure and regulatory action. (rationalwalk.com)
- Companies are pushing customers into more premium products. (nytimes.com)
- The global shipping business is seeing the downside of the pandemic. (wsj.com)
- The biggest risks are the ones that can't be foreseen. (tker.co)
Amazon
- Amazon ($AMZN) is pushing pause on further HQ2 development in Arlington, VA. (wsj.com)
- Amazon ($AMZN) is shutting down eight cashierless stores. (engadget.com)
Startups
- The funding crunch for the last wave of startups is coming. (blog.eladgil.com)
- Pivoting is a (positive) euphemism for quitting. (trungphan.substack.com)
- What a good investor update looks like. (collabfund.com)
ETFs
- Morgan Stanley ($MS) may regret leading its ETF push with ESG funds. (investmentnews.com)
- Vanguard on the growing popularity of the ETF. (corporate.vanguard.com)
Policy
- Most of America's big problems come from an inability/unwillingness to build stuff. (noahpinion.substack.com)
- Some math behind putting Social Security back on solid footing. (morningstar.com)
- How to reuse the Operation Warp Speed model. (progress.institute)
- Why won't the USPS close the change-of-address fraud loophole? (techcrunch.com)
- The pandemic murder wave has seemingly crested. (bloomberg.com)
- There is a fundamental misunderstanding of free speech. (armoxon.substack.com)
Economy
- Given everything, why aren't home prices lower? (awealthofcommonsense.com)
- Why does everyone think we are already in recession? (axios.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (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)