Book list: “40 books every self-respecting investor needs to read” by Michael Batnick including The Most Important Thing by Howard Marks. (Marketwatch)
Quote of the Day
"Sometimes you just need to get the deal done. When you are burning through cash and need to finance your company, the terms might suck, but the cash doesn’t. So you do the deal and live to fight another day."
(Fred Wilson)
Chart of the Day
“Square’s $9-a-Share Price Deals Blow to IPO Market”
“Square is soaring — and it could mean more IPOs are coming”
Twelve hours apart.
Markets
- Germany just sold two year bonds at a -0.38% yield. (ft.com)
- The decline in silver is a typical pattern in commodities. (crossingwallstreet.com)
- Why managed futures love bond contracts. (managed-futures-blog.attaincapital.com)
Strategy
- Why do bear markets always surprise us? In short, the "fading affect bias." (basonasset.com)
- What kind of municipal bond investor are you? (blog.abglobal.com)
- Five traders to follow on StockTwits. (ryandetrick.tumblr.com)
Offers
- Get Karma Go from @yourKarma. Take WiFi with you everywhere. Use my code for $10 off yours. (yourkarma.com)
- Sign up for Audible.com and get two free books including "The Rise of the Robots: Technology and the Threat of a Jobless Future." (amzn.to)
Companies
- Activist urges Yahoo ($YHOO) not to spinoff Alibaba ($BABA) stake. (wsj.com)
- How Amazon ($AMZN) became a retail juggernaut. (nytimes.com)
- Should Time Warner ($TWX) spin-off HBO? (newyorker.com)
- Retail companies are changing in the face of increased online competition. (ft.com)
Finance
- Square ($SQ) prices below the range. (wsj.com)
- The NYSE is killing the stop-loss order. (bloomberg.com)
Funds
- John Authers, "Past performance does not predict future performance. But it utterly controls what the consumer will ultimately buy." (ft.com)
- Hedge funds are not a separate asset class. (staging.ai-cio.com)
Bond ETFs
- Why institutions have warmed to bond ETFs. (institutionalinvestor.com)
- Interest in bond ETFs is surging. (etf.com)
Economy
Earlier on Abnormal Returns
- Longform links: the buyback bust. (abnormalreturns.com)
- We investors know using our phones is bad for us but we do it any way. (abnormalreturns.com)
- What you might have missed in our Wednesday linkfest. (abnormalreturns.com)
- The latest edition of Essential Listening is up with talks from Ben Bernanke and Dan Ariely. (blogs.cfainstitute.org)
