Quote of the day
Patrick O’Shaughnessy, “Predictions are everywhere in investing (price targets, GDP forecasts, S&P 500 earnings, EPS estimates, and so on), but they are usually worthless.” (Millennial Invest)
Chart of the day
Don’t forget the Nasdaq Composite still hasn’t hit a new all-time high yet. (Stefan Cheplick)
Markets
A review of major asset class performance for August 2014. (Capital Spectator)
In case you need to hear the bull case. (Business Insider)
Remember that markets have already priced in any number of factors. (A Dash of Insight)
Strategy
Three practices that will kill your trading. (TraderFeed)
Don’t try to force returns. (Clear Eyes Investing)
Charlie Munger’s principles of investing. (A Wealth of Common Sense)
Why there seem to be more market seers than actually exist. (EconLog)
Books
A review of Tobias Carlisle’s Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations. (Reading the Markets)
A Q&A with Guy Spier author of The Education of a Value Investor. (Aleph Blog)
Companies
The bullish case for Apple’s ($AAPL) push into payments. (Quartz)
How a bigger iPhone will reshape the lineup. (stratechery)
Trying to put a value on Alibaba ($BABA) going into its IPO. (Breakingviews)
Twitter ($TWTR) is letting algorithms loose on your timeline. (TechCrunch)
Share buybacks are killing corporate America. (The Reformed Broker)
Finance
Can the NYSE be saved? (WSJ)
Why aren’t public pension funds speaking out on tax inversions. (Dealbook)
Why private equity isn’t worth the risk. (Larry Swedroe)
Why startups are building their bank accounts while they can. (Dealbook)
Funds
Seven things mutual fund managers should do and more commentary. (Mutual Fund Observer)
Can performance contracts save mutual fund managers? (Alpha Architect)
Why active fund management is broken. (Monevator)
Global
Will the Euro go the way of the Yen? (Market Anthropology)
Can a more open Mexican energy market increase output? (Scientific American)
Economy
The US manufacturing economy, per the ISM, is on the fire. (Bloomberg, Bespoke)
Laying out the path to a normalized Fed policy. (Tim Duy)
Why rich guys (abnormally) fear higher inflation. (Interfluidity)
Earlier on Abnormal Returns
What books Abnormal Returns readers purchased in August. (Abnormal Returns)
What you might have missed in our Monday linkfest. (Abnormal Returns)
Mixed media
Why we can’t help from checking our e-mail. (FT)
On the value of a college degree. (Liberty Street Economics)
Want to be more productive at work? Buy a plant. (Quartz)
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