Quote of the day

Carl Richards, “Forecasts about the future of the market are very likely to be wrong, and we don’t know by how much and in which direction. So why would we use these guesses to make incredibly important decisions about our money?”  (Bucks Blog)

Chart of the day


How a balanced fund has performed since the beginning of the financial crisis.  (Vanguard Blog)


What next for real yields?  (Capital Spectator)

The bond market was a tale of two halves in Q2.  (Learn Bonds)

A modern portfolio, circa July 2013.  (The Reformed Broker)


A review of a simple moving average timing system.  (Mutual Fund Observer)

Profitability and momentum are the new, new factor tilts worth noting.  (IndexUniverse)

Joseph Calhoun, “Value investing to me is not a style or method; it is just investing.”  (Real Clear Markets)


Zynga ($ZNGA) has a new CEO.  (AllThingsD, A VC)

How ARM Holdings ($ARMH) beat Intel ($INTC).  (Slate)

Why were investors so willing to pay up for Noodles & Co. ($NDLS)?  (Minyanville)


The Winkelvii have some Bitcoins they would like to sell you.  (Dealbook, WSJ, FT)

A closer look at the risks of a Bitcoin ETF.  (Huffington Post, Wonkblog)

Biotech IPOs are sizzling hot: expect more to come.  (WSJ)

Beware: mortgage REITs are dependent on well-functioning repo markets.  (FT Alphaville)


If bonds enter a secular bear market what is next for Pimco?  (Dealbook, Quartz)

Risk parity fund managers explain recent performance.  (aiCIO)

Blackrock’s ($BLK) defense of ETFs.  (FT Alphaville)


What’s it going to take jobs-wise for the Fed to start tightening?  (Term Sheet)

Gasoline prices are falling once again.  (Money Game)

The housing affordability index is STILL worthless.  (Big Picture)

Immigrants are “unusually innovative.”  (Economix)

Earlier on Abnormal Returns

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

What you missed in our Monday linkfest.  (Abnormal Returns)


Andrew Ross Sorkin’s essential Wall Street book list includes Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed.  (Dealbook)

Finance books you should read including The Fear Index by Robert Harris.  (Finansakrobat)

Mixed media

SigFig just landed another round of venture capital.  (Pando Daily)

Dieter Bohn, “Twitter is realtime and RSS is time-shifted.”  (The Verge)

Uber is more than a car service.  (Pando Daily)

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