Book excerpt: Winning at Active Management: The Essential Roles of Culture, Philosophy, and Technology by Priest, Bleiberg, Welhoelter and Keefe. (Barron’s)
Quote of the Day
"Corporate governance arrangements that work when a founder is 30 may not work terribly well when that person is 93. To put it another way, people and founders change."
(Steven Davidoff Solomon)
Markets
- Markets are wicked quiet. (bloomberg.com)
- The rise, fall and rebound in 3-D printing stocks has been astounding. (ivanhoff.com)
- European stocks are pulling back. (humblestudentofthemarkets.blogspot.com)
- Grain market are just brutal. (climateerinvest.blogspot.com)
Strategy
- Why you don't want your alternative assets to be the best performers in your portfolio. (alphabaskets.com)
- The alpha paradox is hard to avoid. (pragcap.com)
Low vol
- WD40 ($WDFC) is a perfect example of investor bidding up stable companies. (intrinsicinvesting.com)
- More evidence that low vol stocks are way overvalued. (beta.morningstar.com)
- Big energy stocks are going to have to cut their dividends. (bloomberg.com)
- Are low yields to blame for the relative performance of low vol strategies? (fortunefinancialadvisors.com)
- Another sign that investors LOVE dividends. (blogs.wsj.com)
Offers
- The Alexa-enabled Amazon Tap is still $15 off. (amazon.com)
- Sign up for Audible.com and get two free audiobooks including "Deep Work" by Cal Newport. (amazon.com)
Managers
- Meet the manager who is in sync with the Brooklyn Investor. (brooklyninvestor.blogspot.com)
- How various TAA strategies performed in July. (allocatesmartly.com)
Funds
- Two hedge fund managers are hoping to make a killing on a legal clause. (wsj.com)
- Changing money market fund regulations are likely going to cause a shift to short-term bond ETFs. (fmdcapital.com)
- Commodity professionals don't use the Crude Oil ETF ($USO). (managed-futures-blog.attaincapital.com)
Economy
- Chemical activity still looks A-OK. (valueplays.net)
- The housing industry is fine shape. (nytimes.com)
- A look at some recession forecasting models. (clevelandfed.org)
- Driving has picked up but is nowhere near record per-capita levels. (bloomberg.com)
- Productivity is probably being mismeasured. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: parental investing. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
