Holiday book alert: GDP: A Brief but Affectionate History by Diane Coyle and The Martian by Andy Weir appeared a number of best-of lists this year. (WSJ, Quartz)
Quote of the Day
I would be saddened if the allure of gathering assets causes providers to allow smart beta to deteriorate into the deception of “backtest alpha.” I hope for a far better outcome. I hope smart beta shakes up the business-as-usual world of investment management.
(Jason Hsu)
Markets
- It's been awhile since the S&P 500 ($SPX) was up 2%+ two days in a row. (kimblecharting.tumblr.com)
- Utilities are poised for another period of outperformance. (allstarcharts.com)
- Energy stocks have put the hurt on a number of notable hedge funds this year. (wsj.com)
Strategy
- What stocks Eddy is adding to his Buy List for 2015. (crossingwallstreet.com)
- It's hard to get around the idea that hedge funds are on average a loser for investors. (etf.com)
- Don't overemphasize the value of recent information. (awealthofcommonsense.com)
- On the value of focus for traders. (stockcharts.com)
Companies
- Time Inc. ($TIME) is pushing hard to turn itself into a technology platform. (businessinsider.com)
- Apple ($AAPL) has bought back a sh*t ton of stock this year. (marketwatch.com)
- Why Uber needs Baidu ($BIDU). (fastcompany.com)
- What is Facebook's ($FB) Instagram worth on a standalone basis? (slate.com)
Finance
- Prudential ($PRU) has become a go-to source for companies offloading their pension obligations. (businessweek.com)
- Commercial real estate is booming. (scottgrannis.blogspot.com)
- James B. Stewart, "We need an insider trading statute." (nytimes.com)
- CDS swaptions are the new instrument of choice for credit traders. (ft.com)
Banking
- Goldman Sachs ($GS) has a lower market value than its peak in 2007. (bloomberg.com)
- Mobile banking customers are far less likely to buy additional products. (wsj.com)
- Millennials are big users of the new wave of peer-to-peer lenders. (money.cnn.com)
Funds
- Are foreign bonds worth the trouble? (theirrelevantinvestor.tumblr.com)
- Is the S&P 500 Low Volatility ETF ($SPLV) just a utilities fund in disguise? (etf.com)
Switzerland
- The Swiss central bank is putting in place negative interest rates to hold down the value of the Franc. (qz.com)
- Will this do anything to slow the advance of the Swiss Franc? (blogs.wsj.com)
Economy
- Two year breakeven inflation levels just went negative again. (bloomberg.com)
- Cheap gas tends to boost suburban home values. (washingtonpost.com)
- Is the business cycle still a thing? (bloombergview.com)
- What policymakers can do to reward entrepreneurial activity. (scientificamerican.com)
Earlier on Abnormal Returns
- A new edition of podcast links including a look at mindfulness. (abnormalreturns.com)
- What you may have missed in our Thursday linkfest. (abnormalreturns.com)
- A new edition of longform links including a look at antibiotic overload. (abnormalreturns.com)
Mixed media
- Get used to more Sonys. Hackers are tough to combat these days. (wsj.com)
- Does Sony ($SNE) have an obligation to release "The Interview"? (dilbert.com)
- Are Sony's software providers at all liable for what happened? (slate.com)
- Farhad Manjoo, "The Snapchat Internet is now being built." (bits.blogs.nytimes.com)
