Book recommendation: Brenda Jubin think Richard Thaler’s Misbehaving: The Making of Behavioral Economics “is a thoroughly enjoyable read, not quite right for the beach but perfect for a rainy Sunday afternoon.” (Reading the Markets)
Quote of the Day
"I believe the most pertinent question to ask about any systematic/quantitative strategy is not “how hard would this be to replicate” but rather “how hard would this be to stick with.”
(Patrick O'Shaughnessy)
Markets
- Everybody seems to be trading at the market close. (wsj.com)
- S&P 500 stocks can't seem to push toward 52-week highs. (athrasher.com)
Strategy
- Share buybacks are not leading to lower share counts. (charlessizemore.tumblr.com)
- Stock market crashes can haunt investors for decades. (bloombergview.com)
- The environment for momentum changes over time. (systematicrelativestrength.com)
High yield
- How rising rates could affect high yield bonds. (blog.abglobal.com)
- Sell high yield on the first Fed rate hike. (etf.com)
Companies
- Avago ($AVGO) to buy Broadcom ($BRCM). (bloomberg.com)
- Google ($GOOG) doesn't mind failing in public. (mashable.com)
- Apple ($AAPL) and Google ($GOOG) are battling for the car. (fortune.com)
- And mobile payments, to boot. (nytimes.com)
- Amazon ($AMZN) is rolling out free same-day delivery in these markets. (latimes.com)
- Another take on the Jony Ive news. (daringfireball.net)
Hedge funds
- The golden age of hedge funds has long since past. (thereformedbroker.com)
- The hedge fund industry is top-heavy, asset-wise. (ai-cio.com)
Funds
- Your perception of various asset classes may be off. (news.morningstar.com)
- Target date funds are riskier than you think. (forbes.com)
Economy
- Bond yields no longer track economic growth. (wsj.com)
- Crosscurrents aside, the US economic expansion is maturing. (bonddad.blogspot.com)
- Weekly initial unemployment claims are still at historically low levels. (calculatedriskblog.com)
- Three charts that demonstrate the rapidly changing world. (cfainstitute.tumblr.com)
Earlier on Abnormal Returns
- Longform links: saving Sports Illustrated. (abnormalreturns.com)
- What you may have missed in our Wednesday links. (abnormalreturns.com)
Mixed media
- People are willing to pay for media they find valuable. (bloombergview.com)
- Lefsetz, "We don’t need me-too, we need new and different. And unless you’re gonna do new and different, stay where you are." (lefsetz.com)
- Researchers can tell if you have been laid off...from your cell phone. (blogs.wsj.com)
- The problem with having your work and personal life on a single phone. (mashable.com)
