Quote of the Day
"What’s really infuriating about the current election is that so many Americans think this is a normal election over policy issues, and they don’t pay attention to underlying institutions, because that really is what’s at stake. It’s this erosion of those institutions that is really the most damaging thing. In a way, it doesn’t matter who wins the election, because the damage has already been done."
(Francis Fukuyama)
Chart of the Day
Large cap growth has crushed other asset classes over the past decade.
Strategy
- Another sign that gambling is being normalized. (theverge.com)
- How social media can wreck your investing plan. (blogs.cfainstitute.org)
- Investment success is about small advantages compounded over time. (morningstar.com)
Fund management
- Does the world need a leveraged Berkshire Hathaway ($BRK.B) ETF? (etf.com)
- The SEC would have to bend over backwards to approve the proposed SPDR SSGA Apollo IG Public & Private Credit ETF. (riabiz.com)
- Why would anyone buy a closed-end fund if they no longer have the ability to vote for the board? (institutionalinvestor.com)
Companies
- Boeing ($BA) just raised a big slug of equity capital to shore up its balance sheet. (finance.yahoo.com)
- How AI helps Meta ($META) run its existing businesses. (stratechery.com)
- Snap ($SNAP) has failed to turn its audience into revenues and profits. (on.ft.com)
RTO
- Amazon ($AMZN) aside, return to the office has stalled out. (sherwood.news)
- Starbucks ($SBUX) is doubling down on the return to the office. (fortune.com)
Apple
- The Apple ($AAPL) Mini just got 'mini-er.' (arstechnica.com)
- Apple ($AAPL) is going to learn a lot about AI with its go-slow approach. (michaelparekh.substack.com)
Oil
Economy
- Home price increases are slowing with Case-Shiller through July falling to 4.2% growth. (bonddad.blogspot.com)
- September job openings were little changed. (calculatedriskblog.com)
- Hurricanes are going affect the October NFP report. (stayathomemacro.substack.com)
Earlier on Abnormal Returns
- Research links: multi-period compounding. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: serving Boomers. (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)
