Book excerpt: How not to approach fund allocators. An excerpt from Ted Seides’ So You Want to Start a Hedge Fund: Lessons for Managers and Allocators. (Enterprising Investor)
Quote of the Day
"Your biggest risk isn't that your manager will underperform, it's that you'll panic and do something stupid and self-destructive..."
(David Snowball)
Markets
- More evidence that shorting stocks ain't easy, even for activists. (bloomberg.com)
- Heavily shorted stocks are setting up for breakouts. (ivanhoff.com)
- Rare company: 12 firms that have experienced 60 straight quarters. (crossingwallstreet.com)
Strategy
- Why investors often confuse sophistication with substance? (thereformedbroker.com)
- Don't underestimate the importance of tax alpha. (awealthofcommonsense.com)
- Investors overestimate the probability of rare, Black Swan type, events. (bloombergview.com)
Offers
- Try Audible.com and get two free books in the process including "When Breath Becomes Air" by Paul Kalathini. (amazon.com)
- Still haven't caught up with Showtime's "Billions"? Sign up for a free-trial to Showtime via Amazon. (amazon.com)
Companies
- Has Facebook ($FB) achieved the dream of AOL? (medium.com)
- Yahoo ($YHOO) make sure they are going to get theirs in a change of control. (wsj.com)
- Yahoo ($YHOO) can't even sell itself correctly. (businessinsider.com)
Finance
- Forcerank really isn't the FanDuel of stocks. (equities.com)
- Amazon ($AMZN) Web Services is a big player in fintech. (howardlindzon.com)
- Steve Cohen can now take outside money, but why would he want to? (bloomberg.com)
Funds
- Passive investing doesn't work in high yield. (next.ft.com)
- Investors often then they really are contrarian. (news.morningstar.com)
- ETF stats for March 2016. (investwithanedge.com)
Global
Economy
- Manufacturing output declined in March. (bloomberg.com)
- How many "nowcasting" GDP models do we need? (bloombergview.com)
Earlier on Abnormal Returns
- Podcast links: luck and skill. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- A new Essential Listening is up with talks about Iceland's economy, luck vs. skill and payday loans. (blogs.cfainstitute.org)
- Steph Curry, Michael Jordan and the equity risk premium. (abnormalreturns.com)
- Hard work, good luck and life's potholes. (abnormalreturns.com)