Book Q&A: A talk with William Goetzmann about his new book Money Changes Everything: How Finance Made Civilization Possible. (The Atlantic)
Quote of the Day
"Styles and strategies tend to be cyclical, but we are humans and we extrapolate in straight lines, not in circles. The entire industry is branded with “past performance is not indicative of future results” because we are wired to think that way: in most other places, past performance is indicative of future results!"
(Patrick O'Shaughnessy)
Chart of the Day

Speaking of $VOO, it has had 70 straight months of inflows, which is ETF equivalent of Dimaggio’s hitting streak. (via @EricBalchunas)
Markets
- US REITs led May market performance. (capitalspectator.com)
- 2/3 of global stocks are down since May 21, 2015. (blog.gavekalcapital.com)
- The IPO market is in a rut. (next.ft.com)
- Are small cap index funds swallowing up trading volumes? (blogs.barrons.com)
Strategy
- Low beta stocks outperform high beta stocks. Go figure. (economist.com)
- Low vol stocks have run hard and fast. (pragcap.com)
- The past decade has been dismal for value investors. (bloomberg.com)
Offers
- Who doesn't like to laugh? Then sign up for a free trial to SEESO 'where the best comedy lives.' (amazon.com)
- Sonos speakers don't often go on sale. Now they are: (amazon.com)
- Sign up for Audible.com and get Angela Duckworth's "Grit: The Power of Passion and Perseverance" for free. (amazon.com)
Companies
- America's tech giants are earning enemies around the world. (nytimes.com)
- Ad blockers are taking hold around the world especially on mobile. (bloomberg.com)
- What do company's lose with online-only shareholder meetings? (nytimes.com)
Pension funds
- Pension funds are packing on risk to try and earn their target returns. (wsj.com)
- John Rekenthaler, "Making 7.5% per year, even for a fund that has all the institutional advantages, will be a tall order indeed." (news.morningstar.com)
Funds
- Where the best fund managers went to school and more from the June Mutual Fund Observer commentary. (mutualfundobserver.com)
- MFS Charter Income Trust ($MCR) has attracted an activist investor. (blogs.barrons.com)
- "Investing with your conscience involves some trade-offs." (marketwatch.com)
Economy
Earlier on Abnormal Returns
- Personal finance links: an asset not an investment. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in May 2016. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (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)