Book review: Wall Street Wars: The Epic Battles with Washington That Created the Modern Financial System by Richard E. Farley is a “fine work of popular financial history.” (CFA Institute)
Quote of the Day
"We have become addicted to market liquidity. But it is too fragile and perverse in its effects on incentives to be viewed as a universal feature of our capital markets."
(Martin Wolf)
Markets
- Some signs of risk-on behavior. (thereformedbroker.com)
- This rally is being led by cyclical stocks. (crossingwallstreet.com)
- What's different about this pullback? (ivanhoff.com)
Profit margins
- High profit margins as a market headwind. (thefelderreport.com)
- Good luck trying to predict future profit margins. (pragcap.com)
Strategy
- Stocks and indexes do not spend much time at the average. (theirrelevantinvestor.wordpress.com)
- A great list of stuff you shouldn't care about. (awealthofcommonsense.com)
Offers
- I happily wrote a blurb for Jason Zweig's new book "The Devil's Financial Dictionary." (amzn.to)
- 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
- Microsoft ($MSFT) is trying to make tablets and laptops exciting again. (newyorker.com)
- The Apple ($AAPL) Watch is being severely underestimated. (aboveavalon.com)
- The struggle over Viacom ($VIA) is in now in the open. (wsj.com)
Funds
- On the importance of looking under the hood of your sector ETF. (crossingwallstreet.com)
- Investment consultants are not the solution, they are part of the problem. (blogs.cfainstitute.org)
- Times are tough for international diversification. Why you should keep the faith. (vanguardblog.com)
- You will never fully get rid of pricing issues with mutual funds. (alephblog.com)
Global
Economy
- Just how far the market has pushed off prospects of a Fed rate hike. (capitalspectator.com)
- What's holding back the single family housing market? (calculatedriskblog.com)
Earlier on Abnormal Returns
- On the importance of acquiring investment discipline by any means possible. (abnormalreturns.com)
- Personal finance links: wealth management trends. (abnormalreturns.com)
- What you may have missed in our Tuesday linkfest. (abnormalreturns.com)
