Book review: Foolproof: Why Safety Can Be Dangerous and How Danger Makes Us Safe by Greg Ip is “excellent” and “compelling.” (Marginal Revolution, FT)
Quote of the Day
"The fact remains that the majority of investors in hedge funds are ill-equipped to invest in this space. Most people have been or will be dissappointed by their hedge fund investments."
(Ben Carlson)
Chart of the Day

This is the worst emerging market currency crisis since 1998.
Markets
- After last week emerging market performance is no longer horrid, just bad. (capitalspectator.com)
- Future market returns need not conform to historical averages. (blogs.cfainstitute.org)
Strategy
- Brett Steenbarger, "Minimizing our problems can help us cope. Maximizing our strengths can help us flourish." (forbes.com)
- The benefits of managed futures in a rising rate environment. (blogs.cfainstitute.org)
Offers
- 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)
- Brenda Jubin, "Brett N. Steenbarger is always worth reading, no matter where you are in your trading career." (amzn.to)
Companies
- Private Dell is taking over public EMC ($EMC). (nytimes.com)
- Why Apple's ($AAPL) chip-making capabilities are an important moat. (stevecheney.com)
- Cable companies can't simply ignore Netflix ($NFLX). (businessinsider.com)
- Here's hoping Twitter ($TWTR) Moments gets an upgrade. (syrah.co)
Funds
- The math of active management is "unforgiving." (jamestwiss.com)
- Vanguard is now the biggest defined contribution manager. (investmentnews.com)
- Why some investors are wary of investing with a robo-advisor. (europe.etf.com)
Global
- The world economy is losing momentum, but.... (blogs.ft.com)
- The negative feedback loop that is falling commodity prices for EM. (ftalphaville.ft.com)
- Central banks around the world want the Fed to just get on with it. (wsj.com)
Economy
- The Fed doesn't know what to do. (economistsview.typepad.com)
- Lumber prices are still falling. (calculatedriskblog.com)
- Microeconomist Angus Deacon wins the 2015 Nobel Prize in Economics. (marginalrevolution.com)
- "It’s easier to spread good ideas than to create good ideas." (marginalrevolution.com)
Earlier on Abnormal Returns
- Research links: random portfolios. (abnormalreturns.com)
- What you may have missed in our Sunday linkfest. (abnormalreturns.com)