Excerpt: From Tyler Cowen’s The Complacent Class: The Self-Defeating Quest for the American Dream. (Time)
Quote of the Day
“Many of these [pension funds for public employees] funds are woefully underfunded, in part because they have suffered a double whammy: poor investment performance accompanied by huge fees. The resulting shortfalls in their assets will for decades have to be made up by local taxpayers.
(Warren Buffett)
Chart of the Day
Sentiment is elevated no matter how you slice it.
Markets
- REITs had a great week, last week. (capitalspectator.com)
- Oil futures are back to backwardation. (rcmalternatives.com)
Strategy
- Think carefully about what goes in your "too hard pile." (awealthofcommonsense.com)
- Insights from Barry Ritholtz's discussion with Howard Marks. (thewaiterspad.com)
Offers
- Sign up for a free Audible.com trial and get two books for free including Ed Thorp's "A Man for All Markets." (amazon.com)
- Sign up for a free trial to Showtime on Amazon Channels so you can get caught up on "Billions." (amazon.com)
Snap
- Why you should avoid the Snap ($SNAP) IPO. (businessinsider.com)
- Snap ($SNAP) is not Twitter ($TWTR). (marketwatch.com)
- Twitter ($TWTR) hasn't meaningfully changed its product in ten years. (stratechery.com)
- Why Facebook ($FB) beat Twitter ($TWTR). (fastcompany.com)
Warren Buffett
- Warren Buffett on the big hedge fund fee heist. (businessinsider.com)
- Warren Buffett views Apple ($AAPL) as a consumer products company not a tech company. (bloomberg.com)
- Which Warren Buffett should you believe? (ericcinnamond.com)
Funds
- Staff in the investment management industry are bored at work. (ft.com)
- Vanguard wants some more flexibility to manage its funds. (wsj.com)
- Vanguard just went through another round of fund fee reductions. (investmentnews.com)
Global
Economy
- Forget interest rates. The Fed needs to supply a balance sheet forecast. (bloomberg.com)
- Should the US Treasury mess with 50-year bonds? (crossingwallstreet.com)
Earlier on Abnormal Returns
- ETF links: avoiding market orders. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
