Book review: Four lessons from Guy Spier’s The Education of a Value Investor. (Four Minute Books)
Quote of the Day
"Most of what’s called smart beta, in my opinion, is just marketing hype. Beta is just beta, or loading on some common factor. So there’s really nothing smart about it."
(Larry Swedroe)
Markets
- Emerging markets pulled back last week. (capitalspectator.com)
- The frozen concentrated orange juice market, made famous by the movie "Trading Places," is disappearing. (wsj.com)
Offers
- Try Audible.com and two free books including "Grit" by Angela Duckworth. (amazon.com)
- Trade in your old Kindle and get an Amazon gift card and $20 bonus. (amazon.com)
Companies
Activists
- Shareholder activism is going small and micro-cap. (ft.com)
- Investors in activist hedge funds are not happy. (bloomberg.com)
Finance
- Post Labor Day expect a spate of IPOs. (wsj.com)
- Carlyle Group ($CG) is mulling an exit from the hedge fund business. (ft.com)
- Morgan Stanley ($MS) and Goldman Sachs ($GS) are stepping up their retail banking efforts. (wsj.com)
Funds
- Managing endowment funds has become a big business. (bloomberg.com)
- Good luck trying to figure out the fees on your liquid alt fund. (beta.morningstar.com)
- Why Vanguard has been good for investors. (beta.morningstar.com)
Economy
- The Fed is not the key driver to stock market performance. (awealthofcommonsense.com)
- Americans are working (and shopping) at home more. (bloomberg.com)
Earlier on Abnormal Returns
- Research links: active shares. (abnormalreturns.com)
- What idea in finance today, that we hold to be true, will seem laughable in 100 years? (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
