Quote of the day
Barry Ritholtz, “But you should be so lucky as to do no harm. Most of what you do is a negative — and that is before we add up the costs.” (Bloomberg View)
Chart of the day
Are risk appetites rolling over? (Humble Student of the Markets)
Strategy
Why it may be time to get long volatility. (FT Alphaville)
On the dangers of chasing ‘investment complexity‘? (the research puzzle)
How much attention should we pay to asset location? (Rick Ferri)
How does experience affect investor behavior? (SSRN)
Companies
How RetailMeNot ($SALE) became a SEO champion. (Priceonomics Blog)
If you don’t like Google’s ($GOOG) ownership structure, sell the stock. (Herb Greenberg)
How climate change is affecting the insurance industry. (Above the Market)
Good old fashioned terrestrial radio is hanging in there. (Quartz)
Finance
Hedge funds had a rough March. (WSJ)
The junk bond market is getting junkier. (FT, WSJ)
Blackstone Group ($BX) had no problem selling 30 year debt. (Fortune)
The IPO window is wide open. (Dealbook, Term Sheet, MoneyBeat, Inc.)
More HFT fallout
Michael Lewis’ Flash Boys: A Wall Street Revolt is a remarkable read. (FT)
The idiot’s guide to high-frequency trading. (Blog Maverick)
Is IEX really built for the ‘little guy’? (Scott Locklin)
Why market structure matters. (Points and Figures)
Why you don’t need to worry about HFT. (Monevator, Forever Investor)
Long-term investors can ignore the whole HFT debate. (Total Return Investor)
ETFs
Investors really don’t understand how ETFs work. (Chicago Financial Planner)
Just how difficult is it to clone hedge funds with ETFs? (Turnkey Analyst)
Global
The “age of asset management” is going make life even more difficult for central banks. (FT Alphaville)
Economy
The March non-farms payroll report shows continued moderate jobs growth. (Calculated Risk, Quartz, Capital Spectator, Bonddad Blog, Free exchange)
The money multiplier is broken. (Coppola Comment)
American consumers are cutting back on the basics. (WSJ)
Why don’t the 1% feel rich? (The Atlantic)
The American farm land boom is over. (Business Insider)
Earlier on Abnormal Returns
What books Abnormal Returns readers purchased in April 2014. (Abnormal Returns)
What you may have missed in our Thursday linkfest. (Abnormal Returns)
Mixed media
The eternal dilemma for students: take the job offer or wait for a better offer? (WSJ)
Why reading IS an important part of work. (BetaBeat)
On the value of blogging AND tweeting. (A VC)
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