Book recommendation: Jeremy Josse’s Dinosaur Derivatives and Other Trades is “worth reading and pondering.” (Reading the Markets)
Quote of the Day
"When you have a fund promising daily liquidity, which owns things that don’t trade and don’t price, you’ve got the ingredients for a meltdown,” Mr. Marks said. “But that means it’s a function of one fund’s management, not a weakness of a whole asset class."
(Howard Marks)
Markets
- Where is the bull market exactly? (thereformedbroker.com)
- A history of real interest rates. (awealthofcommonsense.com)
Strategy
- The 2016 CWS Buy List is here. (crossingwallstreet.com)
- Where the "ultimate stock pickers" did well (and poorly) in 2015. (news.morningstar.com)
Companies
- What GoPro ($GPRO) needs to do to survive. (qz.com)
- Amazon ($AMZN) may be building its own air logistics capability. (businessinsider.com)
- Pharma M&A is always high stakes. (bloomberg.com)
Offers
- Sign up for a trial of Audible.com and get two free e-books in the process including "Misbehaving: The Making of Behavioral Economics." (amazon.com)
- MODERN TRADER Magazine—the essential journal for professional traders and active investors. Get one of five investment classics with this special subscription offer! (moderntrader.com)
Finance
- Why the banks win all sorts of ways when they manage tech IPOs. (wsj.com)
- Why the Feds came down on Martin Shkreli. (bloombergview.com)
Funds
Economy
- What US CEOs are saying about the economy (and the Fed). (skrisiloff.tumblr.com)
- November was a good month for the US housing economy. (bonddad.blogspot.com)
- Not every part of the US is doing well. (blogs.wsj.com)
- Lincoln, Nebraska: what full-employment looks like. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: the pop music machine. (abnormalreturns.com)
- What you may have missed in our Thursday linkfest. (abnormalreturns.com)
