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Quote of the day

Robert Seawright, “Things rarely turn out the way we expect. We never have everything covered. Life happens. Act accordingly. You have been warned.”  (ThinkAdvisor)

Chart of the day


High yield spreads have been on the rise for awhile now.  (Business Insider)


How major asset classes performed (or not) in September.  (Capital Spectator, Bespoke, ZorTrades, Horan Capital)

How have REITs performed during periods of rising interest rates.  (A Wealth of Common Sense also WSJ)

Why do we use volatility as a proxy for risk?  (StreetEye)

Do bond investors earn the term and default premia?  (Larry Swedroe)

Why companies should put a professor on their boards of directors.  (Alpha Architect)


Regulators are taking a closer look at leveraged loans.  (Bloomberg)

Where the Darden Restaurants ($DRI) board went wrong.  (Dealbook)

What Bill Ackman is charging overseas to invest in his new public fund.  (Breakingviews, Dealbook)

Uncle Sam has little intention of making Fannie and Freddie investors whole.  (Business Insider, Breakingviews)


There is a full-on European ETF price war.  (FT)

Comparing the so-called guru ETFs.  (ETF)

How Charles Schwab ($SCHW) is driving ETF sales.  (FT)


A profile of Daniel Ivascyn the new CIO of Pimco.  (WSJ)

The downsizing of the Gross’ former fund could be messy.  (FT)

Consultants are bailing on Pimco.  (Dealbook)

Small is beautiful: when bond kings manage too much money.  (SSRN)

Parsing Bill Gross’ record at Pimco.  (Businessweek)


Why things will likely not end well in Hong Kong.  (Justin Fox, Humble Student)


The ISM Manufacturing survey for September shows continued growth.  (Calculated Risk)

Per ADP private sector payrolls continue to expand.  (Capital Spectator)

Has the Treasury gone too far in lengthening the maturity of the national debt?  (Real Time Economics)

Earlier on Abnormal Returns

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


Why baseball is suffering a dearth of runs.  (Wonkblog)

MLB team building strategies continue to evolve.  (Economist)

On the death of the bunt in MLB.  (The Atlantic)

Mixed media

The iPhone 6 Plus is great for gamers.  (TechCrunch)

How “statement socks” became a thing.  (The Atlantic)

The sports blackout rule is no more.  (WashingtonPost)

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