Book review: Thomas Kirchner author of Merger Arbitrage: How to Profit from Global Event-Driven Arbitrage “describes the ins and outs of mergers in easily understandable prose.” (Reading the Markets)
Quote of the Day
"Every financial crisis is different. Because of that, we cannot apply lessons from the past to learn about the future. Nor we can look to those who made the right call last time."
(John Rekenthaler)
Chart of the Day

WisdomTree’s ($WETF) fund concentration is coming back to hurt its prospects.
Strategy
- We are seeing this now: the financial sector is more volatile than commonly thought. (fortunefinancialadvisors.com)
- Lessons learned from Paul Tudor Jones about value investing. (wilowallstreet.com)
- What investors learn from their emotions. (portfoliocharts.com)
Offers
- Modern Trader magazine hits its stride with the latest issue on managed futures. (moderntrader.com)
- Sign up for Audible.com and get two free books including Hope Jahren's "Lab Girl." (amazon.com)
- Still haven't caught up with "Billions" or "Roadies" on Showtime. Start a free-trial now! (amazon.com)
Companies
Funds
- Commissions are not the only cost when it comes to trading ETFs. (marketwatch.com)
- More evidence that not every ETF succeeds. (etf.com)
Global
- The end of the Brexit story has not been written. (next.ft.com)
- The role technology played in Brexit. (qz.com)
- Brexit: the laywers will win. (qz.com)
- How Brexit may affect British wages. (ftalphaville.ft.com)
Economy
- The Fed has once again been taken over by events. (economistsview.typepad.com)
- Case-Shiller home prices rose 5.0% year-over-year through April. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Startup links: foxhole time. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Originality, Bridgewater and Brexit. (abnormalreturns.com)