Book review: My Side of the Street: Why Wolves, Flash Boys, Quants, and Masters of the Universe Don’t Represent the Real Wall Street by Jason DeSena Trennert is an “engaging memoir” about his time on Wall Street. (Barron’s)
Quote of the Day
"At our nation’s financial exchanges, speed benefits one class of investors to the detriment of others."
(Jeff Carter)
Markets
- How inflation affects market returns. (awealthofcommonsense.com)
- Futures traders hate gold and silver. (shortsideoflong.com)
Strategy
- How should we think about the 60/40 portfolio? (theirrelevantinvestor.tumblr.com)
- GARP is the new value. (econompicdata.blogspot.com)
- Andrew Grimes, "People tend to over-complicate, particularly in portfolio management, and this can result in complicated trades that don’t do what we expect." (adamhgrimes.com)
Google/Alphabet
- It is now a lot clearer what you are getting in Google. (avc.com)
- 6 reasons why Google is making the move. (ftalphaville.ft.com)
- 26 reasons Google ($GOOG) created Alphabet. (fusion.net)
- Think of Alphabet as a portfolio of moonshots. (slate.com)
- Moonshots require a long-time horizon. (vox.com)
- Meet Sundar Pinchai the new CEO of Google. (qz.com)
- Is the Berkshire Hathaway ($BRKB) model the right one for Alphabet? (bloombergview.com)
- The big question is why did Page and Brin make this move now? (om.co)
- Don't be surprised in the new Google goes after financial services. (howardlindzon.com)
- How much do you trust Larry Page? (stratechery.com)
Finance
- Fortress Investment Group ($FIG) has profited handsomely from the rebound in subprime lending. (wsj.com)
- Stock buybacks are coming under increasing political scrutiny. (nytimes.com)
- Is it still possible to create a truly innovative financial product? (blogs.cfainstitute.org)
ETFs
Global
- Why did China devalue the renminbi? (ft.com)
- Six thoughts on the renminbi devaluation. (marginalrevolution.com)
- China is desperate. (ftalphaville.ft.com)
Economy
- Small business optimism increased in July. (calculatedriskblog.com)
- What labor market conditions are saying about where we are in the cycle. (bonddad.blogspot.com)
- The government is still a major drag on employment. (bloombergview.com)
Earlier on Abnormal Returns
- Startup links: names matter. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)
