Book list: Five books Bill Gates thinks you should read this Summer including: Sapiens: A Brief History of Humankind by Noah Yuval Harari. (Vox)
Quote of the Day
"Twitter could announce that it has perfected alchemy and its stock would still go down."
(@danprimack)
Chart of the Day
Twitter ($TWTR) stock has spent most of its life going down.
Strategy
- Low-vol stocks have become high vol. (bloomberg.com)
- So-called 'wide moat companies' are generally legacy businesses. (basehitinvesting.com)
Offers
- Subscribe today to Modern Trader magazine and get four bonus offers including an extra month free. (moderntrader.com)
- Who doesn't like to laugh? Then sign up for a free trial to SEESO 'where the best comedy lives.' (amazon.com)
- Sign up for a free Audible.com trial and get Paul Tough's new book "Helping Children Succeed: What Works and Why" for free. (amazon.com)
Companies
- 140 no more. Twitter ($TWTR) is loosening its restriction on tweet length. (recode.net)
- The 'holy grail' for the Apple ($AAPL) Watch is more health sensors. (businessinsider.com)
- Warehouses are the new malls. (bloomberg.com)
Hedge funds
- Early is the same as being wrong: the case of some hedge funds that missed out on a windfall. (bloomberg.com)
- European activist investors go about their business differently. (next.ft.com)
Finance
- Goldman Sachs ($GS) is not standing still as fintech expands. (cnbc.com)
- The last eight companies to lose their AAA ratings. (next.ft.com)
Funds
- The passive/active debate is over. (thinkadvisor.com)
- The 3 C's for picking alternative funds. (thinkadvisor.com)
- Emerging markets are not as inefficient as active managers would have you believe. (advisorperspectives.com)
- Vanguard's first ETF is 15 years old. (vanguardblog.com)
Global
- The economic arguments against Brexit. (newyorker.com)
- The yield curve is flattening as the world economy goes flat. (blogs.wsj.com)
Economy
- TIPS-implied inflation is ticking down in front of the June Fed meeting. (capitalspectator.com)
- Transportation was weak in June. (bonddad.blogspot.com)
- The big data approach to inflation measurement is providing us with valuable insights. (timharford.com)
Earlier on Abnormal Returns
- Startup links: solving problems first. (abnormalreturns.com)
- How much attention should you pay to what McKinsey has to say about the markets? (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
