Book notes: Robert Frank’s Success and Luck: Good Fortune and the Myth of Meritocracy should spur some debate. (Reading the Markets)
Quote of the Day
"Investors can’t expect to earn the same level of returns going forward as we’ve seen over the past 40."
(Ben Carlson)
Markets
- Earnings recessions are not all that uncommon. (thereformedbroker.com)
- What's the worst case for bonds? (pragcap.com)
- Why small cap stocks are struggling. (jlfmi.tumblr.com)
Strategy
- Leverage kills. (macro-ops.com)
- Value stock performance doesn't line up neatly with the economic cycle. (bloomberg.com)
- Long run returns are only available to those who outlast the short run. (alphabaskets.com)
Offers
- Sonos speakers don't often go on sale. Now they are: (amazon.com)
- Angela Duckworth's "Grit: The Power of Passion and Perseverance" for free. (amazon.com)
- Who doesn't like to laugh? Then sign up for a free trial to SEESO 'where the best comedy lives.' (amazon.com)
Companies
- The case for Macy's ($M) stock in the age of online shopping. (peridotcapital.com)
- 10 years of MLP returns. (blogs.barrons.com)
Finance
- Investment banking is in flux and on the move. (wsj.com)
- In defense of online lending. (techcrunch.com)
Global
Economy
- The May jobs report printed a 4.7% unemployment rate. (calculatedriskblog.com)
- Unemployment aside, this was a bad jobs report. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Podcast links: flying FAQs. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Diversification, hindsight bias and leaving the past behind. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in May 2016. (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)
Mixed media
