New investors

• The demographic makeup of equity holders have become younger and more diverse in pandemic. (msn.com)
• If it holds, this is a development we have been waiting for. (thereformedbroker.com)

Strategy

• Contradictory stuff happens all the time in the stock market. (theirrelevantinvestor.com)
• Be careful what you benchmark yourself to. (awealthofcommonsense.com)
• Investment strategists keep piling on the 60/40 portfolio. (ft.com)

Companies

• How does Tesla's ($TSLA) valuation compare to some of the great companies at similar stages? (morningstar.com)
• IAC ($IAC) is growing its portfolio of online properties. (axios.com)

Exchanges

• The Members Exchange, or MEMX, has launched. (wsj.com)

Private equity

• Thomas Bravo was early in the PE wave of investment in software businesses. (wsj.com)
• A wave of hotel foreclosures is coming, starting with Chicago's Palmer House. (wsj.com)

Hedge funds

• Some hedge funds are betting on an urban rental revival. (pionline.com)
• Hedge funds are back in demand, provided they focus on defense. (pionline.com)

Economy

• The pandemic recession is not hitting equally across the country. (msn.com)
• A failed stimulus is beginning to take its toll on small businesses. (axios.com)

Earlier on Abnormal Returns

• Research links: optimizing taxes. (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: an act of commitment. (abnormalreturns.com)
• Every Friday I send out five links for advisers to help them think a little differently about the world. Sign up now! (newsletter.abnormalreturns.com)

Mixed media

• Why it's too early to forecast the post-pandemic fate of New York City. (integratinginvestor.com)
• Why population churn in New York City may not be a bad thing. (axios.com)
• How a post-pandemic New York City can thrive. (collaborativefund.com)
• New York City should build its way through all this. (avc.com)
• Worried about the furniture you leave behind leaving the city? Don't, because someone is going to grab it. (wsj.com)

Data

• Futures data and equity data are different. (priceactionlab.com)
• ActiveShare.info has gotten an upgrade. (riaintel.com)

Value

• Why no single measure can accurately capture a company's valuation. (researchaffiliates.com)
• Why the B/P ratio is no longer sufficient to identify value stocks. (alphaarchitect.com)

Macro

• At what point do negative demographics, i.e. falling populations, affect financial markets? (blogs.cfainstitute.org)
• How to predict government bond yields using economic data. (alphaarchitect.com)

Factors

• On the relationship between earnings accruals and momentum. (alphaarchitect.com)
• Size on its own isn't much of a factor. (institutionalinvestor.com)

Research

• THIS is the single, most influential factor that drives equity returns. (mailchi.mp)
• Why performance-based fees don't mesh well with systematic strategies. (institutionalinvestor.com)
• Research into how changes in the language of public filings affect stock prices. (quantpedia.com)
• News sentiment is not 100% correlated with the stock market. (mrzepczynski.blogspot.com)