Book excerpt: An excerpt from Ashlee Vance’s Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. (Bloomberg)
Quote of the Day
"The more time we spend researching businesses and the less time on watching the quotes screen, the better off we'll be in the long-run."
(Todd Wenning)
Markets
- The stock market is (still) shrinking. (thereformedbroker.com)
- A couple of Nasdaq divergences worth paying attention to. (jlfmi.tumblr.com)
- It's really hard to see how stocks could return double-digits going forward. (thefelderreport.com)
- The case against much higher stock market valuations. (ftalphaville.ft.com)
Trading
- Are you living to trade or trading to live? (thetickertape.com)
- Ivanhoff, "You can’t catch a 20% move in a stock if you are not willing to lose 5-6%." (ivanhoff.com)
Strategy
- Charlatans exist, in finance (and medicine), because we crave certainty. (thereformedbroker.com)
- What, if anything, can we learn from decades-long industry performance? (investorfieldguide.com)
Apple
- Some cool charts showing how big a quarter Apple ($AAPL) had in Q2. (qz.com)
- Apple ($AAPL) is crushing it in China. (qz.com)
- Some more mind-blowing Apple ($AAPL) facts. (crossingwallstreet.com)
- How much upgrade "runway" does Apple ($AAPL) still have? (businessinsider.com)
Companies
- James Surowiecki, "In the past six years, G.E. has opened more than twenty new plants and added more than sixteen thousand new workers in the U.S." (newyorker.com)
- Twitter ($TWTR) is still working to find the right product mix. (nytimes.com)
- Amazon ($AMZN) is going after the business market. (bloomberg.com)
Merger arbitrage
- Merger arbitrage takes more time (and expertise) than you think. (alephblog.com)
- The Shell deal for BG is attracting merger arb interest. (wsj.com)
- There is a lot of uncertainty surrounding pharma deals. (nytimes.com)
Finance
- Activist Dan Loeb chalks up a win in Japan. (ft.com)
- Investors are betting against UK asset managers. (ft.com)
- Overstock ($OSTK) wants to issue stock using the blockchain. (wired.com)
- Big companies are forcing their suppliers to help fund their businesses. (ftalphaville.ft.com)
ETFs
- Two cases for index investing. (rickferri.com)
- Investors are embracing smart beta ETFs. (etf.com)
- We will soon have an airline ETF to trade. (ceo.ca)
Global
Economy
- A solution to the "missing capex" question? (humblestudentofthemarkets.blogspot.com)
- The US has moved from a “retain and reinvest” corporate model to a “downsize and distribute” one. (time.com)
Earlier on Abnormal Returns
- Startup links: broken cap tables. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)
