Book review: Michael Lewis thinks Mervyn King’s new memoir The End of Alchemy: Money, Banking and the Future of the Global Economy could “might just save the world.” (Bloomberg)
Quote of the Day
"The need to trade and make money, ironically, *feeds* a lack of confidence because it reinforces the notion that we're never good enough, we always have to do more and better."
(Brett Steenbarger)
Portfolio management
- The world belongs to moderate risk takers. (alephblog.com)
- An underrated advantage of a 'core and explore' portfolio strategy. (alphabaskets.com)
- Optimized portfolios are overrated. (pragcap.com)
- How fund managers fudge their performance numbers. (ai-cio.com)
Strategy
- Why investors are holding more stocks now. (awealthofcommonsense.com)
- Portfolio managers need to stay humble and open-minded. (blog.abglobal.com)
- Happiness precedes trading success, not the other way around. (smbtraining.com)
Offers
- Subscribe to Modern Trader and one free month, the MT app and access to all past issues. (moderntrader.com)
- Sign up for Audible.com and get "Smarter Faster Better" by Charles Duhigg for free. (amazon.com)
- Sign up for a free Showtime trial and catch up on "Billions." (amazon.com)
Companies
- How Pioneer Natural Resources ($PXD) came through the energy bust intact. (bloomberg.com)
- Chipotle ($CMG) is buying back stock, big time. (bloomberg.com)
Marketplace lending
- Some takeaways from the marketplace lending debacle. (economicmusings.com)
- The marketplace lenders are now under a microscope. (nytimes.com)
Banks
- Why the US banking sector still needs to consolidate more. (strategy-business.com)
- Just how much impact has Dodd-Frank had on the banking sector? (newyorker.com)
Hedge funds
- The top hedge fund managers are still making big bucks. (institutionalinvestorsalpha.com)
- The SEC is increasingly looking out for hedge fund investors. (wsj.com)
Funds
- Why new ETF launches seem to be so wacky. (bloomberg.com)
- How to launch an ETF. (etf.com)
- Why you should avoid chasing hot funds. (dynamicbeta.com)
- ETF statistics for April 2016. (investwithanedge.com)
- Fees matter. (news.morningstar.com)
Global
Economy
- Why the Fed is off the table until September. (economistsview.typepad.com)
- The post-recession world doesn't scale. (csen.tumblr.com)
Earlier on Abnormal Returns
- A nice summary of my social media panel at the 2016 annual CFA Conference. (annual.cfainstitute.org)
- Personal finance links: investing in human progress. (abnormalreturns.com)
- Help me pick a new logo for Abnormal Returns. Vote here: (99designs.com)
- Startup links: the importance of hiring. (abnormalreturns.com)
- Research links: declining competition. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
