Review: Efficiently Inefficient: How Smart Money Invests & Market Prices Are Determined by Lasse Heje Pedersen is “encyclopedic in its cataloging of active management strategies..” (Enterprising Investor)
Quote of the Day
"Too much leverage can make the losing trades unmanageable even if you’re actively protecting yourself with stop orders. Leverage is the how the markets provide a trader with more than enough rope to hang himself."
(Michael Martin)
Markets
- The $VIX has historically bottomed around the end of June. (athrasher.com)
- The Russell 2000 Volatility Index ($RVX). (jlfmi.tumblr.com)
- By many measures the ERP is historically low. (ftalphaville.ft.com)
- The top ten holdings of the "ultimate stock pickers." (beta.morningstar.com)
Cryptocurrencies
- "There is a lot at stake" in the cryptocurrency realm as Ethereum overtake Bitcoin. (nytimes.com)
- Belief, whether in companies or cryptocurrencies, makes markets go round. (ofdollarsanddata.com)
- Blockchain 101 with Campbell Harvey. (blogs.cfainstitute.org)
Strategy
- On the value of the put-write strategy. (mebfaber.com)
- Simply equal-weighting as the base alternative weighting scheme. (markovprocesses.com)
Offers
- The Amazon Dash Wand, powered by Alexa, is free after purchase. (amazon.com)
- "A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation" by Scott Nations looks like a good read. (amazon.com)
- Buy two Amazon Echo Shows with a promo code and get $100 off. (amazon.com)
- Sign up for a free-trial to Audible.com and two free books like "Peak Performance: Elevate Your Game, Avoid Burnout, and Thrive with the New Science of Success" by Brad Stulberg and Steve Magness. (smile.amazon.com)
Amazon
- Amazon ($AMZN) is the 21st century conglomerate. (nytimes.com)
- Why Amazon ($AMZN) continues to build out its line of private label consumer products. (bloomberg.com)
- Amazon's ($AMZN) next move is going to be down market. (l2inc.com)
- How the other retail behemoth, Costco ($COST), should think about Amazon's rise. (thereformedbroker.com)
Finance
- Why Goldman Sachs ($GS) is so hot to push into fintech. (qz.com)
- GE ($GE) has a (big) pension problem. (bloomberg.com)
Quant
- Talking about 'quant' strategies is difficult because of their diversity. (bloomberg.com)
- Smart beta and quant are going to continue to put pressure on active managers. (theirrelevantinvestor.com)
- Multi-factor strategies represent real competition for active managers. (mrzepczynski.blogspot.com)
Economy
- The Chemical Activity Barometer was flat in June. (calculatedriskblog.com)
- New models point to an even lower natural rate of interest. (economistsview.typepad.com)
- More warehouses mean more jobs for people and robots. (npr.org)
Earlier on Abnormal Returns
- Research links: a big embarrassment. (abnormalreturns.com)
- Paper trading in the age of cryptocurrencies. (abnormalreturns.com)
- A Q&A with Wes Gray and Jack Vogel of Alpha Architect about the use of value, trend and momentum. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- ETF links: half a trillion dollars. (abnormalreturns.com)
