Book notes: America’s Bank: The Epic Struggle to Create the Federal Reserve by Roger Lowenstein is a “gripping tale.” (Fortune)
Quote of the Day
"The biggest problem for fund shareholders is not what is done outside the law, but rather within it. The 12b-1 fee should not have been invented, nor should it continue to exist. Its abolition would immediately and dramatically lower fund expense ratios."
(John Rekenthaler)
Markets
- Why interest rates could stay lower (and longer) than commonly thought. (marketanthropology.com)
- CTAs are now short equities. (blogs.wsj.com)
- Don't mess around with long-term bonds. (awealthofcommonsense.com)
Junk bonds
- Junk bond demand has cooled dramatically. (wsj.com)
- We are in the late stages of the credit cycle. (ft.com)
Offers
- Amazon ($AMZN) is getting into the local delivery business. (flex.amazon.com)
- With Karma Go from @yourKarma you can take WiFi with you everywhere. Use my code for $10 off yours! (yourkarma.com)
- Modern Trader Magazine—the essential journal for professional traders and active investors. Check out this special subscription offer including a free investment classic! (moderntrader.com)
Companies
- Yahoo ($YHOO) is spinning off Alibaba ($BABA), IRS be damned. (nytimes.com)
- Och-Ziff Managment ($OZM) is "interesting and cheap." (brooklyninvestor.blogspot.com)
- Amazon ($AMZN) is getting into the flexible, local delivery business. (businessinsider.com)
- Why does Google ($GOOG) still make Nexus phones? (recode.net)
Finance
- Why does Wall Street want higher interest rates? (bloombergview.com)
- Investors are tiring of M&A and are selling down acquirer shares. (wsj.com)
- BDCs are still pretty small fry. (ft.com)
- Of course, big investors meet with company management. (bloombergview.com)
- Shocking! Selling illiquid assets is an expensive proposition. (nytimes.com)
Economy
Earlier on Abnormal Returns
- Startup links: unicorn embarrassment. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)
