Book recommendations: Charlie Munger reads a lot. Some of his book recommendations including The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy by Robert G. Hagstrom. (Irrelevant Investor)
Quote of the Day
"In most areas of life, most things that pay off well take effort. If people present you with easy or hidden ways to make above average money, be skeptical. Doing it right takes discipline and effort."
(David Merkel)
Strategy
- Buying stocks no longer feels good any more. (thereformedbroker.com)
- It feels different this time. Then again, it feels different every time. (theirrelevantinvestor.wordpress.com)
- Momentum vs. mean-reversion: the market is having a hard time deciding. (priceactionlab.com)
Companies
- Inversions keep happening, at least these two cases make some sense. (wsj.com)
- Is Bill Ackman on the right track with his Mondelez ($MDLZ) investment? (brooklyninvestor.blogspot.com)
- Is what is happening to MLPs make sense? (sl-advisors.com)
ETFs
- Is the rise of ETFs making it more difficult for active managers? (ft.com)
- The fears about junk bond ETF liquidity is overblown. (online.barrons.com)
Global
Economy
- Why American teens don't work summer jobs any more. (bloomberg.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnoraml Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you may have missed in our Saturday linkfest. (abnormalreturns.com)
- Following through on a valid strategy is easier said that done. (abnormalreturns.com)
