Book notes: Daniel Gross on the many compromises in the founding of the Fed in Roger Lowenstein’s America’s Bank The Epic Struggle to Create the Federal Reserve. (Washington Post)
Quote of the Day
"Everyone knows bubbles exist. We know tech stocks in 2000 and housing in 2006 were utter swamps of irrationality. But that's hindsight. And hindsight can be a jerk."
(Morgan Housel)
Strategy
- "Don’t buy VC backed IPOs until 1-2 years after their debut on public exchanges." (ibankcoin.com)
- This bull market has been built on continued fears of a financial crisis. (pragcap.com)
- William Bernstein on the attraction of precious metals equities. (news.morningstar.com)
- In a bull market all tactical strategies are going to look bad. (priceactionlab.com)
- How our perception of time affects our investing. (blog.alphaarchitect.com)
Offers
- Amazon ($AMZN) Prime members can get $30 off a Kindle Paperwhite or Voyage today. (amzn.to)
- Get Karma Go from @yourKarma. Take WiFi with you everywhere. Use this code for $10 off yours. (yourkarma.com)
Companies
- Activision Blizzard ($ATVI) is buying Candy Crush maker King Digtal ($KING). (nytimes.com)
- The continued case for Micron ($MU) stock. (institutionalinvestor.com)
- Amazon ($AMZN) is opening a brick and mortar store. (washingtonpost.com)
Finance
- In defense of short sellers. (thereformedbroker.com)
- More companies are using 'adjusted EBITDA' in their SEC filings. (footnoted.com)
Funds
- What's Uber worth? Why it matters for fund investors. (news.morningstar.com)
- 25 years of hedge fund behemoth Citadel. (nytimes.com)
Global
Economy
- Why aren't gasoline prices lower? (wsj.com)
- Middle aged white Americans death rates are going up. (vox.com)
- A new theory on why real interest rates are so low: portfolio diversification. (marginalrevolution.com)
Earlier on Abnormal Returns
- Startup links: VC jargon. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in October 2015. (abnormalreturns.com)
