Book review: Pinpoint: How GPS Is Changing Technology, Culture, and Our Minds by Greg Milner is a “fascinating journey.” (Bloomberg)
Quote of the Day
"A poorly-timed asset allocation decision can be far more harmful to your returns than the decision between active and passive funds. Costs matter, but not nearly as much as discipline."
(Ben Carlson)
Markets
- The key drivers point to lower capital market returns for the next few decades. (bloomberg.com)
- Beware big, hairy long-term forecasts. (ritholtz.com)
Strategy
- Warren Buffett's best decision may have been to switch to a permanent capital model. (wilowallstreet.com)
- Why it's time to reset your bond market expectations. (awealthofcommonsense.com)
- How managed futures drawdowns compare to stock market drawdowns. (managed-futures-blog.attaincapital.com)
Offers
- Subscribe to Modern Trader and one free month, the MT app and access to all past issues. (moderntrader.com)
- Get Mom something she really wants: the gift of Amazon Prime. (amazon.com)
- You can get a Kindle Paperwhite for $20 off for a limited time. (amazon.com)
Companies
- Mondelez ($MDLZ) has been able to jack up operating margins. (bloomberg.com)
- Elon Musk is not afraid of putting his finances at risk. (wsj.com)
- A sign that the worst is over, for now, for Apple ($AAPL). (bloomberg.com)
- Health care sector consolidation continues apace as Abbott ($ABT) buys St. Jude Medical ($STJ). (bloomberg.com)
- Why the whole world is happy to create content for Facebook ($FB) for free. (thereformedbroker.com)
Stock ideas
- OnDeck ($ONDK) has some advantages in small business lending. (latticework.com)
- The case for Bidu ($BIDU). (variantviews.com)
Finance
- Investors are using alternate data sources to analyze companies, like Chipotle ($CMG). (businessinsider.com)
- Currency trading volume is drying up. (bloomberg.com)
Alexa
- The real competition for the Alexa, which powers Amazon's ($AMZN) Echo, is the smartphone. (next.ft.com)
- You an get your Amazon Echo here: (amazon.com)
Funds
- Why active management is under such intense pressure. (bloombergview.com)
- Armageddon is coming for the high cost active managers. (pragcap.com)
Economy
- Weekly initial unemployment claims are at multi-decade lows. (calculatedriskblog.com)
- US Q1 GDP came in at 0.5%. (capitalspectator.com)
- What, if anything, did the Fed say different at the April FOMC meeting. (alephblog.com)
- Just how uneven the housing recovery has been across the US. (washingtonpost.com)
Earlier on Abnormal Returns
- Longform links: emoticon fights. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
