Book excerpt: Robert Frank author of Success and Luck: Good Fortune and the Myth of Meritocracy on the value to prompting people about the role of luck in their lives. (The Atlantic)
Quote of the Day
"Outcomes are determined by performance within the context of expectations, with importance heavily weighted toward the latter. And if predicting future performance is hard, calibrating them against expectations is close to sorcery."
(Morgan Housel)
Markets
- Junk bonds are showing some strength. (blog.kimblechartingsolutions.com)
- Institutional investors have been more bullish than Individual investors for a decade. (businessinsider.com)
Strategy
- On the importance of matching your liquidity with your portfolio volatility. (whitetree.net)
- Investing lessons learned from Sam Hinke's resignation letter. (latticework.com)
Amazon Echo
- Amazon ($AMZN) has shown with the Alexa-powered Echo that we want voice-controlled computing. (wsj.com)
- Check the range of Alex-powered Echo products here: (amzn.to)
Companies
Funds
- Don't believe the hype about UK fund manager performance. (evidenceinvestor.co.uk)
- Pimco's Total Bond ETF ($BOND) is stagnating. (reuters.com)
- JP Morgan ($JPM) has purchased a minority stake in Global X. (etf.com)
Global
- This Swiss bank has learned to live with negative interest rates. (wsj.com)
- Norway's sovereign wealth fund won' invest in 52 coal companies. (next.ft.com)
Offers
- Still haven't caught up with Showtime's "Billions"? Sign up for a free-trial to Showtime via Amazon. (amazon.com)
- Try Audible.com and get two free books in the process including "When Breath Becomes AIr" by Paul Kalathini. (amazon.com)
Economy
- Weekly initial unemployment claims are plumbing new lows. (calculatedriskblog.com)
- Punk retail sales don't predict great US GDP growth (bonddad.blogspot.com)
- Janet Yellen nailed it. (pragcap.com)
- The current economy has been tough on Millennials. (bloombergview.com)
Earlier on Abnormal Returns
- Longform links: the two types of social apps. (abnormalreturns.com)
- A new Essential Listening is up with talks about Iceland's economy, luck vs. skill and payday loans. (blogs.cfainstitute.org)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Steph Curry, Michael Jordan and the equity risk premium. (abnormalreturns.com)
- Hard work, good luck and life's potholes. (abnormalreturns.com)
- A Q&A with Matt Hall author of "Odds On: The Making of an Evidence-Based Investor."* (abnormalreturns.com)
