Book review: Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance by Kevin Mirabile “should be essential reading for everyone who wants to invest in, work at or sell hedge funds.” (Institutional Investor)
Quote of the Day
"The best investors in the world all have one thing in common – they have a well defined plan that they stick with through thick and thin. This plan serves as a north star regardless of where they are along the investment journey."
(Cullen Roche)
Chart of the Day

Sotheby’s ($BID) really doesn’t want to have to make good on auction guarantees.
Markets
- Ten year expected returns for the S&P 500 check in at 6.7%. (alephblog.com)
- Utilities have been easily leading the sector race over the past year. (capitalspectator.com)
Strategy
- Some advice on how to manage $2 trillion. (bloomberg.com)
- Matt Levine, "What index funds are to the fund industry, robo-advisers are to the financial advising industry..." (bloomberg.com)
Offers
- Sonos speakers don't often go on sale. Now they are: (amazon.com)
- You can sign up for an Amazon Third Party Video Subscriptions Free Trial. (amazon.com)
- Try an Audible.com trial and get two free books including "The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future" by Kevin Kelly. (amazon.com)
Companies
- WhatsApp competitor Line Inc. is going public. (wsj.com)
- Twitter's ($TWTR) share count is surging. (globalslant.com)
- What is Viacom ($VIA) worth? (forbes.com)
Finance
- On the danger of companies with 300 or less shareholders "going dark." (blogs.wsj.com)
- Why boards of directors have a hard time policing executives. (bloomberg.com)
Hedge funds
- Institutions are warming to managed futures. (finalternatives.com)
- 1.5% is the new 2.0% for hedge funds. (ai-cio.com)
Funds
- A look at the performance of non-traditional bond funds. (news.morningstar.com)
- Vanguard has (successfully) been doing business in Australia for 20 years. (evidenceinvestor.co.uk)
- Seed capital is tough to find for new ETFs. (reuters.com)
Global
Economy
- The Fed should pay heed to the flattening yield curve. (wsj.com)
- 30-year mortgage are nearing all-time lows. (calculatedriskblog.com)
- The roadblocks in front of a US manufacturing renaissance. (bloomberg.com)
Earlier on Abnormal Returns
- Podcast links: maximized mental models. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
Mixed media
- 7 lessons learned from Marc Andreessen. (thewaiterspad.com)
- Arianna Huffington's recipe for a good night of sleep. (fastcompany.com)
- Some life advice from Chuck Schwab, "Make your own luck through education and hard work. Develop an understanding of your fellow man, and have respect and appreciation for their difference." (reuters.com)