Quote of the Day
"Luck plays a role in every great business and every great stock."
(Ian Cassel)
Chart of the Day
Financials have outperformed over the past year. (chart via YCharts)
Strategy
- Why you shouldn't fear all-time highs. (ritholtz.com)
- Compounding math is often confounding. (nytimes.com)
- Survivorship bias affects in any number of ways. (safalniveshak.com)
Books
- A recommendation for Ben Wiener’s book "Fever Pitch: A Novel About Selling Your Vision, Raising Venture Capital, and Launching Your Startup." (feld.com)
- The best economics books of summer including "King Dollar: The Past and Future of the World’s Dominant Currency" by Paul Blustein. (ft.com)
Crypto
- On the risks of the spread of Bitcoin into the corporate Treasury. (politico.com)
- MARA Holdings ($MARA) is following a “full HODL strategy.” (sherwood.news)
- Are stablecoins the new money market funds? (papers.ssrn.com)
- Why the IRS is sending out letters to crypto investors. (theblock.co)
Economy
- Personal income and spending declined in May 2025. (bonddad.blogspot.com)
- Why the Fed feels comfortable being on hold. (safalniveshak.com)
- The odds of a Fed rate cut are ticking higher. (capitalspectator.com)
- A look at some slowing business cycle indicators. (econbrowser.com)
Earlier on Abnormal Returns
- Podcast links: an aging America. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: digital afterlives. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
