Book review: The Golden Rules: 10 Steps to World-Class Excellence in Your Life and Work by Bob Bowman and Charles Butler on controlling what you can. (Reading the Markets)
Quote of the Day
"In summary: nothing about running a hedge fund business today is easy. There is pressure on top line. There is pressure on costs. Client service is becoming more onerous. There is pressure from regulators. Hedge funds are just in a difficult place right now."
(Geoff Bamber)
Chart of the Day

Companies are building cash balances but debt is increasing even faster.
Markets
Strategy
Offers
- 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 Audible.com and get Angela Duckworth's "Grit: The Power of Passion and Perseverance" for free. (amazon.com)
- Sonos speakers don't often go on sale. Now they are: (amazon.com)
Companies
- Warren Buffett will soon have a new slug of cash to invest. (bloomberg.com)
- Carl Icahn just bought a big stake in Allergan ($AGN). (marketfolly.com)
Finance
- Corporate spinoffs don't happen overnight. They take planning (and practice). (wsj.com)
- Banks are pulling back on their global ambitions. (wsj.com)
- Regulation is the ultimate barrier to entry for the big banks. (thereformedbroker.com)
Hedge funds
- The top 100 hedge funds control 88% of AUM. (finalternatives.com)
- Why hedge funds are investing in machine learning technologies. (institutionalinvestor.com)
- Connecticut really did not want Ray Dalio's Bridgewater Associates to leave the state. (dealbreaker.com)
Funds
- Do investors piling into bond ETFs know what they are buying? (forbes.com)
- How to trade an ETF. (etf.com)
- The smart beta wars are raging. Who's on top? (etf.com)
Global
Economy
- Housing prices were up 5.2% year-over-year per Case-Shiller. (calculatedriskblog.com)
- The ISM-Chicago’s Chicago Business Barometer for May is below 50.0 (247wallst.com)
Earlier on Abnormal Returns
- Startup links: stop studying, start doing. (abnormalreturns.com)
- The Abnormal Returns 10:10 Campaign is live: buy a limited-edition Abnormal Returns t-shirt and give clean water to those in need. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)