Wes Gray review Cullen Roche’s Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance. (Alpha Architect)
Quote of the Day
"Studying companies is like watching sailboat races. Studying macroeconomics is like seeking to understand the ocean."
(Marc Andreessen)
Markets
- Stock valuations around the world show an expensive US market. (mebfaber.com)
- The case for small (and mid) caps in 2015. (humblestudentofthemarkets.blogspot.com)
- Junk bond appetites point toward lower stock prices. (thefelderreport.com)
- Robert Shiller on the current bond bull market. (time.com)
- Why would anyone lock in 1% rates for 30 years? (blogs.wsj.com)
Commodities
- On the parallels between commodities and emerging market equity performance. (markdow.tumblr.com)
- Lower interest rates and the case for gold. (marketanthropology.com)
- Gold miners look cheap relative to the metal. (shortsideoflong.com)
Strategy
- Falling oil prices are a perfect example of hindsight bias in action. (fool.com)
- Some hopes for the new year including more innovation that works for individual investors. (awealthofcommonsense.com)
Companies
- There isn't much to be learned about McDonald's ($MCD) with the Shake Shack ($SHAK) hype. (dealbook.nytimes.com)
- Can Xiaomi break out into a global consumer tech brand? (stratechery.com)
- A new Apple ($AAPL) Macbook Air is reportedly on the way. (fastcompany.com)
- Here's hoping Apple doesn't devolve into mediocrity. (om.co)
Finance
- Finra is poking around bond market trading mechanisms. (ft.com)
- On the prospect fore mass hedge fund closures in 2015. (buzzfeed.com)
- AdvisorHUB is the most important site in finance (at present). (thereformedbroker.com)
ETFs
- Plain vanilla ETFs ruled asset inflows in 2014. (etf.com)
- Vanguard has cut the expense ratio on its sector ETFs. (ft.com)
Economy
- The December ADP report shows strong private payroll growth. (capitalspectator.com)
- Young people have started forming new households. (vox.com)
- Why apartment rent hikes should begin to slow. (blogs.wsj.com)
- How big is the problem of sexism in the economics profession? (qz.com)
Earlier on Abnormal Returns
- Personal finance links: paralyzing money worries. (abnormalreturns.com)
- What you may have missed in our Tuesday linkfest. (abnormalreturns.com)
