Book Q&A: A discussion with David Lagercrantz about resurrecting the Millennium series including the new The Girl In The Spider’s Web. (The Verge)
Quote of the Day
"As an investor, you should seek businesses which are risk averse but not loss averse. You should avoid businesses who don’t want to even experiment a bit because they are petrified of losses should the experiments fail."
(Fundoo Professor)
Chart of the Day

One of the reasons for the biotech bull market has been active pharma dealmaking.
Markets
- Stuff happens: the impact of one tweet and the biotechs. (crossingwallstreet.com)
- The bull market in sand is over. (bloomberg.com)
Strategy
- Josh Brown, "The E is only half of the P/E." (thereformedbroker.com)
- Inexperienced investors are often swayed by stories and not hard facts like expenses. (rickferri.com)
- Your investment team is not diverse enough. (blogs.cfainstitute.org)
Offers
- ETFreplay.com is offering a special subscription deal for Abnormal Return readers. (abnormalreturns.com)
-
Modern Trader Magazine—the essential journal for professional traders and active investors. Check out this special subscription offer including a free investment classic! (moderntrader.com) - Why bother buying a case when Amazon ($AMZN) is selling Fire tablets for $49.99? (amzn.to)
Companies
- The Apple ($AAPL) Car initiative is real. (wsj.com)
- Health care companies are only getting bigger. (wsj.com)
Finance
- A sign that Goldman Sachs ($GS) is pulling back from trading: an empty trading floor. (nytimes.com)
- Why sell-side analyst research is so bad. (bloomberg.com)
- The fintech opportunity is huge because finance is huge. (blogs.wsj.com)
Funds
- Just how liquid are the holdings in bond mutual funds? Not very. (wsj.com)
- Risk-parity strategies are not big enough to move markets. (aqr.com)
- The current case for closed-end bond funds. (investmentnews.com)
Economy
- The Fed keeps moving the goalpost. (ftalphaville.ft.com)
- Rental affordability is only going to get worse. (bloomberg.com)
- Behavioral economics may not be new but it is useful. (bloombergview.com)
Earlier on Abnormal Returns
- "The Big Short" hits the big screen. (abnormalreturns.com)
- Startup links: artists and entrepreneurs. (abnormalreturns.com)
- 'Smart beta 2.0' is the new active management. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)
- Simple investment strategies fortify us to face the emotional volatility inherent in markets. (abnormalreturns.com)