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Quote of the day

J. David Stein, “First, don’t listen to doomsayers who are convinced financial calamities are imminent. They don’t know.”  (J. David Stein via @pkedrosky)

Chart of the day

Individual investors are holding little cash at the moment.  (Short Side of Long)

Strategy

Trends work until they don’t.  (Noah Smith)

Can the “permanent portfolio” work today?  (Aleph Blog)

Great trading ideas can often be expressed in just a few sentences.  (NAS Trading)

Companies

Are the big tech companies transforming into conglomerates?   (Dealbook)

Technology is changing every single industry including consumer staples like P&G ($PG).  (stratechery)

Shoppers are fleeing physical stores for online.  (WSJ)

Finance

Is the death of two big deal the end of the M&A wave?  (MoneyBeat, FT)

The Feds are looking for ways to curb tax inversion deals.  (WSJ, ibid)

Are markets penalizing the biggest bank valuations?  (Fortune)

Why are we cancelling so-called ‘erroneous trades‘?  (Kid Dynamite)

Funds

The Capital Group is betting on nontransparent actively managed ETFs to reduce its decline in AUM. (Morningstar, Focus on Funds)

Sliced wants to bring hedge funds to the masses with lower minimums.  (TechCrunch)

Global

Sovereign yields are dropping all around the world.  (Bespoke)

Despite the hype global oil production is not rising.  (Gregor Macdonald)

Economy

Macro risk is ticking higher.  (Capital Spectator)

Investment in single family homes still has plenty of room to rise.  (Calculated Risk)

Earlier on Abnormal Returns

Listen to me talk with Howard Lindzon and Matt Hughes of Slugball fame about the art (and science) of curation.  (Soundcloud)

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

Mixed media

John Wooden, “Success is peace of mind which is a direct result of self-satisfaction in knowing you did your best to become the best you are capable of becoming.”  (Points and Figures)

Seth Godin, “The best way to change long-term behavior is with short-term feedback.”  (Seth Godin)

Meetings are creativity killers.  (Signal vs. Noise)

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