Thursday links: ill-conceived combinations

Quote of the day

Robert Cyran, “Tax-arbitrage mergers and acquisitions require a deep discount…The benefits of such ill-conceived combinations will be fleeting, though. The more so-called inversions there are, the more likely the law is to change.”  (Breakingviews)


Earnings seems to be supportive of higher stock prices.  (HORAN Capital)

Market bears are running out of excuses.  (The Reformed Broker)

Consumer staples and healthcare have diverged.  (Crossing Wall Street)

Four misconceptions about Dow Theory.  (Dynamic Hedge)


Larry Swedroe, “Financial risk-taking is as much a biological activity, with as many medical consequences, as facing down a grizzly bear.”  (ETF)

Patrick O’Shaugnessy, “Investing arguments are always about strategy, but most investors would be better off spending their energy on improving their own behavior.”  (Millenial Invest)

Andrew Haldane, “This is a very different world – lots of nutty things are still happening – the alternative would be nuttier still.”  (FT)


How startups could compete with LinkedIn ($LNKD).  (Hunter Walk)

A look inside Monsanto ($MON), the third most hated company in America.  (Businessweek)


Regulators are taking a deeper dive into the fees private equity firms charge for group-purchasing programs.  (WSJ)


Three lessons learned from Vanguard fund investors.  (A Wealth of Common Sense)

Five things that fund companies won’t tell you about your ‘non-traditional bond funds.’  (Morningstar)


The June non-farm payrolls report shows continued strong jobs growth.  (Calculated Risk, Capital Spectator, Bonddad Blog, The Upshot, Real Time Economics)

How the job market has changed across twelve different cities.  (Salil Mehta)

Gasoline prices are beginning to bite consumers again.  (WSJ)

Apartment rents are on the rise.  (WSJ)

Earlier on Abnormal Returns

What books Abnormal Returns readers purchased in June 2014.  (Abnormal Returns)

What you might have missed in our Wednesday linkfest.  (Abnormal Returns)

Mixed media

B-schools are trying to pump the number of applicants.  (WSJ)

Americans are none too fond of McDonald’s ($MCD) hamburgers.  (Consumer Reports)

How John Oliver’sLast Week Tonight” is upending the TV news business.  (Variety)

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  • Tadas ViskantaAbnormal Returns has over its seven-year life become a fixture in the financial blogosphere. Over thousands of posts we have striven to bring the best of the financial blogosphere to readers. In that time the idea of a “forecast-free investment blog” remains as useful as it did six years ago. More »

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