Quote of the day

Ben Carlson, “Knowing your time horizon before you make any investment is extremely important.”  (A Wealth of Common Sense)

Listen of the day

Marc Andreessen, Chris Dixon and Benedict Evans talk tech valuations.  (Soundcloud via A VC)

Markets

Hedge funds took it on the chin in the big momentum sell-off.  (WSJ)

Signs of a changing volatility regime.  (Humble Student)

Deflation plays out over long time horizons.  (Market Anthropology)

Strategy

How cortisol affects our (financial) behavior.  (Turnkey Analyst)

Lessons learned about great investors from Jiro Dreams of Sushi.  (Market Folly earlier Abnormal Returns)

“It’s a stock picker’s market” is a hollow phrase.  (Rick Ferri)

Companies

Facebook ($FB) is devolving into a suite of apps: the transition will not be easy.  (Wired)

Is Airbnb overvalued relative to the publicly traded hoteliers?  (Points and Figures)

America loves Netflix ($NFLX).  (Time)

Technology changes everything. Call it unfair if you want to.  (Benedict Evans)

James Surowiecki, “Investors love drug companies in part because they often have tremendous pricing power.”  (New Yorker)

Finance

Selecting successful emerging hedge fund managers is tough.  (Barry Ritholtz)

The robo-advisor model is going to evolve over time.  (Random Roger)

An interview with Michael Lewis about the fallout from Flash Boys: A Wall Street Revolt.  (Wired)

Funds

On the “hedgefundification” of the asset management industry.  (FT)

Good news for Blackrock ($BLK) ETF holders. The firm is taking a smaller cut of securities lending revenue.  (ETF)

Economy

The US economic recovery may be slow but it is persistent.  (WSJ, Pragmatic Capitalism)

Why the economic recovery feels so sluggish.  (Real Time Economics)

How to read a “big book” like Thomas Piketty’s Capital in the Twenty-First Century.   (Marginal Revolution)

Earlier on Abnormal returns

The pool of securities is shrinking. Who can blame fund managers for fishing in more fertile waters?  (Abnormal Returns)

What you may have missed in our Sunday linkfest.  (Abnormal Returns)

Mixed media

The Wright brothers were patent trolls.  (Joe Nocera)

The definition of insider trading has gotten stretched. This appeal will help define things.  (WSJ)

The outcome of the Aero case is going to shape television for some time to come.  (Fortune, NYTimes, NYPost)

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