Book review: William Bernstein really likes Why Minsky Matters: An Introduction to the Work of a Maverick Economist by L. Randall Wray. (Enterprising Investor)
Quote of the Day
"Being an original thinker in investing doesn’t mean you have to redefine the goals of investing; it just means you might arrive at those goals differently from your peers."
(Brian Hertzog)
Markets
- Why the media loves to focus on bearish market valuation measures. (dashofinsight.com)
- Foreign investors are piling into muni bonds. (next.ft.com)
- Why you don't want to own the market's largest cap stock. (twitter.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)
Companies
- Apple's ($AAPL) R&D spending points to a coming pivot. (aboveavalon.com)
- Whole Foods ($WFM) is rolling out a whole new store concept. (nytimes.com)
Finance
- On the parallels between the problems in the mortgage lending and online lending industries. (bloomberg.com)
- What will be the upshot of marketplace lending. (ftalphaville.ft.com)
- Merger arbitrage is a bit of minefield of late. (nytimes.com)
Funds
- The downside of concentrated fund positions. (blogs.wsj.com)
- Closet indexers are a big problem for the fund industry. (ft.com)
- Active investors are "addicted" to trying to beat the market. (evidenceinvestor.co.uk)
- Comparing the two big low vol emerging market ETFs. (etf.com)
- How the fiduciary standard could kill CEF IPOs. (news.morningstar.com)
Discounts
- Have you cut the cord? Then you may want to check out this Amazon Basics Indoor TV antenna. (amazon.com)
- Sign up for a free Showtime trial and catch up on "Billions." (amazon.com)
Global
- European governments are pumping out 100-year bonds. (wsj.com)
- Why would anyone buy 100-year Spanish bonds? (joshuakennon.com)
Economy
- Weekly initial unemployment claims remain below 300k. (calculatedriskblog.com)
- The real private economy is still growing. (valueplays.net)
- Why we should be happy that the finance sector is shrinking. (qz.com)
- Texas has had no problem building apartments. (bloomberg.com)
Earlier on Abnormal Returns
- Longform links: secretive startups. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- A nice summary of my social media panel at the 2016 annual CFA Conference. (annual.cfainstitute.org)
- Help me pick a new logo for Abnormal Returns. Vote here: (99designs.com)
