Book notes: How to Make Money with Global Macro by Javier Gonzalez is a history lesson and look at the future. (Reading the Markets)
Quote of the Day
"Tactical-allocation funds--investments that readily adjust their asset mixes in response to current market conditions--are a sucker’s play."
(John Rekenthaler)
Chart of the Day

How the Vanguard Effect has saved investors hundreds of billions of dollars.
Markets
- Rydex traders are pretty bullish. (thefelderreport.com)
- Less than 20% of European corporate bonds yield more than 1%. (blog.abglobal.com)
- The last generation watches CNBC with the sound off. The current generation doesn't watch it at all. (howardlindzon.com)
Strategy
Offers
- Try Audible.com and two free books including "Grit" by Angela Duckworth. (amazon.com)
- Get an Amazon Fire TV for $15 off. (amazon.com)
- Trade in your old Kindle and get an Amazon gift card and $20 bonus. (amazon.com)
Companies
- Apple ($AAPL) gets hit with a big tax bill from the EU. (theatlantic.com)
- McDonalds ($MCD) and Amazon ($AMZN) are now in the EU's sights. (blogs.wsj.com)
Finance
- Why it's difficult to value companies in the age of digital assets. (knowledge.wharton.upenn.edu)
- Hedge funds love to trade on the news. (ai-cio.com)
- Goldman Sachs ($GS) is pushing into algorithmic corporate bond market-making. (ft.com)
Funds
- The evolution of smart beta ETFs. (etf.com)
- Five under-the-radar mutual funds. (beta.morningstar.com)
Sonos-Alexa
- Sonos speakers will soon have voice control via the Amazon Echo. (wired.com)
- Get your Sonos speakers here: (amazon.com)
Economy
- Tresasurys are not pricing in a rate hike next month. (capitalspectator.com)
- House prices increased 5% year-over-year ending in June. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Startup links: shock absorbers. (abnormalreturns.com)
- Investing tribes and the paradox of choice: my post up at the Enterprising Investor blog. (blogs.cfainstitute.org)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- What idea in finance today, that we hold to be true, will seem laughable in 100 years? (abnormalreturns.com)