Review: Caveats aside, Real-Time Risk: What Investors Should Know About FinTech, High-Frequency Trading, and Flash Crashes by Irene Aldridge and Steve Krawciw has insights into market microstructure. (Reading the Markets)
Quote of the Day
"The market is an amazing computer for turning all of those people's individual decisions into aggregated numbers. It just turns out that, if you plug an actual computer into the market, it makes better use of those numbers than the humans do."
(Matt Levine)
Chart of the Day
Americans haven’t been this upbeat about the U.S. stock market since 2000.
Markets
- The case for bonds. (finance.yahoo.com)
- It's hard to come up with a plausible scenario for high future stock returns. (fortune.com)
Strategy
- Michael Kahn, "Charts are tools, not your momma." (quicktakespro.blogspot.com)
- Eric Cinnamond, "It’s harder to say no to a possible investment you’ve worked on for several weeks versus only a few hours." (ericcinnamond.com)
- The power of portfolio diversification is still available. (allaboutalpha.com)
Offers
- These are the biggest discounts ($30-$50) Amazon has offered on its Kindle e-readers to-date. (amazon.com)
- The business classic "Barbarians at the Gate: The Fall of RJR Nabisco" by Bryan Burroughs and John Helyar is still $1.99 for the Kindle. (amazon.com)
- You can get $30 off cleaning and handyman services at Amazon Home Services. (amazon.com)
Companies
- Why David Einhorn's proposal for GM ($GM) is a bad idea. (businessinsider.com)
- A look at Greenlight's GM ($GM) proposal. (marketfolly.com)
- GM ($GM) is in the business of selling cars, not stock. (bloomberg.com)
Finance
- There's no easy fix to the death of IPOs. (nytimes.com)
- Capital markets infrastructure providers are poised to grow. (businessinsider.com)
IPOs
Funds
- Blackrock ($BLK) is swapping active managers for algorithms. (wsj.com)
- This is more evidence that traditional stock picking doesn't work any more. (evidenceinvestor.co.uk)
- Not everyone thinks hand crafted stock picking is done for. (dealbreaker.com)
Weed
- Canada is legalizing marijuana in 2018. (businessinsider.com)
- Legal marijuana helps reduce opioid abuse. (newsweek.com)
Indianapolis
- Indianapolis is one of the five best cities for women in tech. (fortune.com)
- Indianapolis has the best cell phone coverage in the US. (indystar.com)
Earlier on Abnormal Returns
- Personal finance links: focused on you. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: macro vol. (abnormalreturns.com)
- Analog machines and depreciating code: insights from David Sax's "The Revenge of Analog." (abnormalreturns.com)
