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Quote of the day

Martin Wolf, “Almost nothing in economics is more important than thinking through how companies should be managed and for what ends. Unfortunately, we have made a mess of this. That mess has a name: it is “shareholder value maximisation.”  (FT)

Chart of the day


This bull market is 2000 days old and has survived any number of calamities.  (Scott Krisiloff)


Industrials have been underperforming all summer.  (Humble Student)

We should not be surprised that different sectors shine at different times.  (Crossing Wall Street)


On the attraction of “behemoth stocks.”  (Aleph Blog)

A simple switching model between value and momentum.  (Alpha Architect)

Risk control vs. risk avoidance.  (A Wealth of Common Sense)

Seasonality is a secondary indicator.  (Andrew Thrasher)

Active vs. passive

Active vs. passive is the wrong question: cost is what matters.  (Rekenthaler Report)

The active vs. passive debate has become tiresome.  (Capital Spectator)


Microsoft ($MSFT) is becoming a mobile app maker.  (Quartz)

Apple ($AAPL) is talking about building a big *ss iPad for 2015.  (Bloomberg also Recode)

Are we thinking about Amazon ($AMZN) the wrong way?  (stratechery)

Why everyone is seemingly to high on Mobileye ($MBLY).  (Quartz, Business Insider, Marketwatch)


Online storage , a la Dropbox, is now essentially free.  (Wired)

SnapChat has reportedly scored financing at a $10 billion valuation.  (WSJ)

An interview with noted VC Bill Gurley.  (Eric Jackson)


Finance is filled with people with “awful track records.”  (Morgan Housel)

Why it is not surprising that Canada will be the home of the new Burger King ($BKW).  (Dealbook, Wonkblog)

Nontraded REITs are likely to see some restrictions on their sale.  (WSJ)


Comparing the large cap ETFs.  (ETF)


China is full up with grain crops.  (WSJ)


Why the current economic recovery could have some room to run.  (Pragmatic Capitalism)

Earlier on Abnormal Returns

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

Mixed media

Six things to do in your early 20’s.  (Millenial Invest)

Can a sports team have too much talent?  (Well)

On the value of a personal blog.  (A VC)

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