Book list: Bill NcNabb of Vanguard recommends David McCullough’s The Wright Brothers. (Big Picture)
Quote of the Day
"Due to the vast amount of information on the Internet, security analysis and technical analysis are now the easy part of investing. The hard part for Contrarians is to look in the mirror and admit that a declining stock price may be sending you a signal that your fundamental analysis may be wrong..."
(Bruce Berger)
Chart of the Day
McDonald’s ($MCD) all-day breakfast is shaking up the fast-food industry.
Gold
- Don't forget low real interest rates are good for gold. (marketanthropology.com)
- Gold is a meh crisis hedge. (thereformedbroker.com)
Strategy
- Do strong returns follow strong returns? (theirrelevantinvestor.com)
- The "edge" in value stocks is small and unpredictable. (investorfieldguide.com)
- Why you should hope for a bear market. (blog.thinknewfound.com)
- Why investors can't hold 100% in stocks. (bloomberg.com)
- How Meb is invested for 2016. (mebfaber.com)
- Barry's 2015 mea culpas. (washingtonpost.com)
Offers
- Sign up for a free trial to Amazon Prime and get access to millions of streaming songs to boot. (amazon.com)
- MODERN TRADER Magazine—the essential journal for professional traders and active investors. This special subscription offer includes free classic investment book! (moderntrader.com)
- Sign up for a free trial to Audible.com trial and get two free audio books including "When Breath Becomes Air." (amazon.com)
Companies
- Choose Alphabet ($GOOG) or Facebook ($FB): there can be only so many winners in the Internet space. (aswathdamodaran.blogspot.com)
- Why the carriers are sick of WhatsApp. (bloomberg.com)
- It's time for MLPs to start cutting their dividends. (adventuresincapitalism.com)
Finance
- Some big passive investors are reluctantly acting like activists. (wsj.com)
- More signs of pressure on hedge fund manager fees. (next.ft.com)
- The sell-side is hopelessly conflicted. (thereformedbroker.com)
- Equity and fixed income traders on Wall Street are coming into conflict. (businessinsider.com)
Funds
- Goldman Sachs ($GS) is turning its Hedge Fund VIP list into an ETF. (bloomberg.com)
- The surprising benefit of owning small cap ETFs. (bloomberg.com)
- Active managers are increasingly turning to ETFs vs. individual stocks. (wsj.com)
- Hedge funds have been a disaster over the past decade. (pensionpartners.com)
Global
- The hidden upside of lower oil prices. (qz.com)
- Fintech is growing like crazy in China....beware. (blogs.reuters.com)
Economy
- Jobs, income and sales all point to a growing economy. (valueplays.net)
- The downturn, as it were, is pretty focused. (bonddad.blogspot.com)
- Why aren't more Americans working? (bloombergview.com)
- What CEOs had to say about the economy this week. (skrisiloff.tumblr.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you may have missed in our Saturday linkfest. (abnormalreturns.com)
- The Bernstein Curve, Bill Ackman and the active-passive debate. (abnormalreturns.com)
- Podcast links: short volatility. (abnormalreturns.com)
- A round-up of all our book-related links including reviews of "When Breath Becomes Air." (abnormalreturns.com)
- What you may have missed in our Thursday linkfest. (abnormalreturns.com)
- A new Essential Listening post is up at Enterprising Investor with talks about superbosses, income inequality and crowfunding. (blogs.cfainstitute.org)
Mixed media
- Cheddar, a startup, looks to target Millennial investors with digestible video. (businessinsider.com)
- Seth Godin, "When in doubt, spend half as much time as you expect on the thing that most people do, and far more time on the spec, on the quality control, on the soft stuff, the stuff that actually matters." (sethgodin.typepad.com)
- Given Donald Trump's success now may a good time to start updating some of your priors. (marginalrevolution.com)
