Book review: Another rave review for the “surprisingly well-written” memoir by Phil Knight, Shoe Dog. (Value and Opportunity)
Quote of the Day
"The upshot of all this..is that asymmetric information, which is a nothing more than a nuisance in most markets, is at the core of finance. It’s key to the way traders, including high-frequency traders, make their profits."
(Noah Smith)
Markets
- The yield on Japanese stocks is now in excess of US stocks. (ft.com)
- The utility sector is set to lose its top position among top performing sectors. (capitalspectator.com)
Strategy
- Why calling a bear market is so difficult. (brooklyninvestor.blogspot.com)
- The so-called investing gurus don't care what you do with your portfolio. (marketwatch.com)
- Can successful trading be taught? Yes, under certain circumstances. (traderfeed.blogspot.com)
- A liquid alts checklist. (theirrelevantinvestor.com)
Offers
- Buy a book get one free: "Quantitative Value" and "DIY Financial Advisor" now for just $20. (blog.alphaarchitect.com)
- MODERN TRADER Magazine—the essential journal for professional traders and active investors. Special Subscription Offer! (moderntrader.com)
- Pre-order Ryan Avent's new book "The Wealth of Humans: Work, Power, and Status in the Twenty-first Century." (amazon.com)
Companies
- Google became Alphabet ($GOOGL) a year ago. (recode.net)
- Apple ($AAPL) should bite the bullet and buy Netflix ($NFLX). (om.co)
Finance
- How Virtu Financial ($VIRT) makes $10 at a time. (bloomberg.com)
- Calpers experience with VC has not been great. (bloomberg.com)
Funds
- Bill Miller is cutting his ties with Legg Mason ($LM). (wsj.com)
- There is no passive management without active management. (ft.com)
- Don't ever invest in a CEF IPO and other good advice. (beta.morningstar.com)
- The case for multi-factor ETFs. (beta.morningstar.com)
Economy
- Weekly initial unemployment claims continue to trend at low levels. (calculatedriskblog.com)
- The housing recovery has been a function of demand not increased supply. (wsj.com)
- Why have inflation expectations decoupled from actual inflation? (finance.yahoo.com)
Earlier on Abnormal Returns
- Longform links: priceless insights. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Three proven steps to 'instant alpha.' (abnormalreturns.com)
