Quote of the day

Chuck Jaffe, “In short, reading the analysis and looking at the headlines first is fine; it makes you a more informed investor. Acting on it is where investors get themselves into trouble.”  (Marketwatch)

Chart of the day


Hedge funds are loading up on gold miners.  (WSJ)


How is the Global Market Index Fund doing?  (Capital Spectator)

It didn’t take much to turn market sentiment negative.  (Joe Fahmy)

Why it isn’t surprising Treasury yields are continuing to decline.  (Market Anthropology)


No single measure of risk tells us all that much about our investments.  (A Wealth of Common Sense)

Barry Ritholtz talks with Vanguard CEO John Brennan.   (Soundcloud)

Four books for new investors including The Richest Man in Babylon by George Clason.  (Millennial Invest)

An excerpt from Joshua Brown and Jeff Macke’s Clash of the Financial Pundits on the rise (and fall) of Joe Granville.  (The Reformed Broker)


Are cash flows a better predictor than earnings?  (SSRN via @quantivity)

Why you should be reading more research papers on investing.  (BetterBeta Trading)

A look at the pre-FOMC announcement drift.  (Journal of Finance)


Kinder Morgan ($KMI) is consolidating its MLP units.  (BloombergWSJ, Dealbook, Focus on Funds)

Why is enterprise software so bad?  (Worthwhile Canadian Initiative via @markthoma)

Newspaper companies are being thrown to the wolves.  (NYTimes)


Blackstone ($BX) is increasingly coming into competition with Wall Street.  (FT)

Don’t hire an investment banker unless you really want to sell your company.  (The Epicurean Dealmaker)

Calpers is looking to simplify its portfolio.  (WSJ)


Six steps to dumping a bad mutual fund.  (Chuck Jaffe)

Bond funds continue to see inflows.  (HORAN Capital)

What would it take for active managers to reverse the trend toward indexing?  (Rekenthaler Report)

Does investors really need the Driexion iBillionaire ETF ($IBLN)?  (ETF)


Europe’s economy is in a depression.  (Business Insider)


Did the Fed miss the boat on the junk bond bubble?  (Pragmatic Capitalism)

The job market is shifting from employers to employees.  (Bloomberg)

Earlier on Abnormal Returns

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

Mixed media

Andreessen Horowitz is investing in Buzzfeed.  (NYTimes, Recode, Chris Dixon)

Should Bitcoin be treated as currency for tax purposes?  (A VC)

In defense of Yo.  (WSJ)

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