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Quote of the day
James Picerno, “Reading about someone with a strong performance record that stands alone suggests that we can join this exclusive club by mimicking the winning strategy. But this is dangerous stuff as a general rule.” (Capital Spectator)
Chart of the day
Valuations: why biotech stocks ran into a wall. (Dr. Ed’s Blog)
Markets
A look at five-year old bull markets. (Ryan Detrick)
Commodities and the case for emerging market outperformance. (Market Anthropology)
Checking in on the slope of the yield curve. (Mark Hulbert)
Why we are not in a tech bubble yet. (Quartz, Daily Ticker)
Fund managers are way underweight emerging markets. (The Short Side of Long)
Strategy
What it’s like to be a ‘reluctant portfolio manager‘ these days. (the research puzzle)
Warren Buffett the market timer: the years from 1965-1980. (The Brooklyn Investor)
Value
Why it matters when value stocks are outperforming. (Horan Capital)
‘Brave’ and ‘patient’ value strategies explained. (John Authers)
Facebook
Facebook ($FB) purchases virtual reality hardware company Oculus VR. (Fortune, Dealbook)
The future of Oculus VR isn’t necessarily in gaming. (Business Insider)
Oculus raised funds on Kickstarter without having to give up equity. (Dealbook, WSJD, Barry Ritholtz)
Oculus demonstrates how fast things move these days. (Points and Figures)
Fans are disappointed that Facebook bought Oculus. (Boing Boing)
Is Mark Zuckerberg hedging against an eventual decline of Facebook? (Felix Salmon, FT Alphaville)
The race is on to find the next big platform. (A VC)
Finance
Activist investors have made a new enemy: big institutional shareholders. (WSJ)
On the prospects for another big year of share buybacks. (MoneyBeat)
The IRS views Bitcoin as equity not currency. (Bloomberg View, Ledra Capital)
New leveraged loans are getting even riskier. (FT)
On the changing nature of commercial real estate lending. (Sober Look)
ETFs
On the prospects for all-ETF 401(k) plans. (FT, ETF)
How to use Morningstar’s “fair value” measure for ETFs. (Morningstar)
Do we need these five niche global ETFs? (ETF)
Economy
Why are new home sales weak? (Real Time Economics)
Do TBTF banks take on more risk? (Liberty Street Economics)
Earlier on Abnormal Returns
What you may have missed in our Tuesday linkfest. (Abnormal Returns)
Mixed media
Now accredited investors can put money into film production. (Dealbook)
Fewer Americans are going to the movies. (Variety, WSJ)
10 outrageous movie theories that will blow their mind. (Mental Floss)
How Steven Spielberg made big money on Star Wars. (Business Insider)
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