Book Review: Richard Ocejo’s Masters of Craft: Old Jobs in the new Urban Economy is a fascinating book, full of valuable observations and insights. (FT)
Quote of the Day
"Statistics are useful to the extent that we find their insights more persuasive than anecdotal stories. But we often don’t."
(Morgan Housel)
Markets
- Keep an eye on consumer stocks for a clue to the next market move. (allstarcharts.com)
- You have five choices in today's market. Choose wisely. (thereformedbroker.com)
Strategy
- How state pension funds could benefit from managed futures. (mrzepczynski.blogspot.com)
- Five investment blogs and a scad of books worth your time. (ofdollarsanddata.com)
Membership
Companies
- David Einhorn is nowhere near done with GM ($GM). (cnbc.com)
- The New York Times ($NYT) saved itself with subscriptions not ads. (recode.net)
- The next retail domino to fall is grocery stores. (bloomberg.com)
- Warren Buffett is kicking IBM ($IBM) to the curb, kind of. (marketfolly.com)
P2P
- Prosper was incorrectly calculating investor returns. (ft.com)
- Will online lenders survive as standalone entities? (bloomberg.com)
- Lending Club ($LC) is pushing hard into the auto loan space. (ft.com)
Finance
New Books
- "Invest Like a Guru: How to Generate Higher Returns At Reduced Risk With Value Investing" by Charlie Tian. (amazon.com)
- "The Money Formula: Dodgy Finance, Pseudo Science, and How Mathematicians Took Over the Markets" by Paul Wilmott and David Orrell. (amazon.com)
- "Adaptive Markets: Financial Evolution at the Speed of Thought" by Andrew Lo. (amazon.com)
- "Trend Following, 5th Edition: How to Make a Fortune in Bull, Bear and Black Swan Markets" by Michael Covel. (amazon.com)
Global
Economy
- The April NFP report was solid. (calculatedriskblog.com)
- Hello, full employment. (nytimes.com)
- The jobless rate has pretty much nowhere to go but up. (bloomberg.com)
- The chances of a June rate hike just increased. (theatlantic.com)
Earlier on Abnormal Returns
- Podcast links: free-range children. (abnormalreturns.com)
- What you missed in Thursday's linkfest. (abnormalreturns.com)
- Startup links: breaking into VC. (abnormalreturns.com)
- ICYMI our "Keep ETFs Weird" post. (abnormalreturns.com)
- Meet the 69th largest money manager in the world...Apple ($AAPL)! (abnormalreturns.com)
- What books Abnormal Returns readers most purchased in April 2017. (abnormalreturns.com)
