Book note: Why it is absurd to obsess over the decisions of 17-year olds. Insights from Frank Bruni’s Where You Go is Not Who You’ll be: An Antidote to the College Admissions Mania. (Fortune)
Quote of the Day
"The evidence is clear. The top 10 non-traditional bond funds are simply substituting one risk for another. In an effort to reduce the aforementioned duration risk, these funds are taking on risks of a different sort."
(Joshua Brown)
Markets
- US REITs lead major asset class performance over the past year. (capitalspectator.com)
- Sentiment is overwhelmingly in favor of the US dollar. (shortsideoflong.com)
- Chinese stocks have run pretty far, pretty fast. (ftalphaville.ft.com)
Strategy
- Small cap quality is on sale. (blog.abglobal.com)
- Bonds are supposed to be boring. (awealthofcommonsense.com)
Kraft-Heinz
- Kraft ($KRFT) to merge with Heinz. (nytimes.com)
- Why is Warren Buffett swapping Heinz for Kraft? (kiddynamitesworld.com)
- Is Warren Buffett a hypocrite on private equity? (fortune.com)
Corporate finance
- Traditional pensions are going away for the rank-and-file but not for the C-suite. (wsj.com)
- What constitutes 'corporate sustainability? Calpers wants to know. (nytimes.com)
Finance
- Concentration risk: visualizing the hedge fund universe. (aboutmjones.com)
- Sad, but predictable: the problem of zombie non-traded REITs. (wsj.com)
Global
Economy
- Eight big economic trends you should keep an eye on. (fool.com)
- US companies are still not investing all that much in capex. (blogs.wsj.com)
- Why does everyone keeping calling it a 'bond bubble'? (medium.com)
Earlier on Abnormal Returns
- Personal finance links: aligning values with finances. (abnormalreturns.com)
- What you may have missed in our Tuesday linkfest. (abnormalreturns.com)
