Recommendation: The Wisdom of Finance: Discovering Humanity in the World of Risk and Return by Mihir Desai is an “entertaining quest.” (FT)
Quote of the Day
"Despite easy access to mountains of financial data and vast computing power to process it, investing remains a stubbornly superstitious and emotional pursuit."
(Nir Kaissar)
Chart of the Day

The Citibank Economic Surprise Index for the US is set to turn back up. (via @LizAnnSonders)
Markets
- Stock market strategists are getting more bullish. (marketwatch.com)
- It's hard to dispute that indexing isn't distorting the stock market. (bloomberg.com)
Commodities
- Commodities look cheap relative to equities on a historical basis. (visualcapitalist.com)
- Grain prices are finally perking up. (seeitmarket.com)
- Why isn't gold doing better? (marketanthropology.com)
Strategy
- We get the most of of investing when it is hard. (mullooly.net)
- Are you checking your portfolio too often? (mastersinvest.com)
- Some value investors just don't see the value in technology stocks. (nytimes.com)
Offers
- Amazon Prime Day is coming July 11th. Make sure you are a Prime member to take advantage of all the deals. (amazon.com)
- Buy three Echo Dots and get $20 off with the promo code 'DOT3PACK.' (amazon.com)
- Order something, like the WeMo Mini Smart Plug, using Alexa and get $10 off. (amazon.com)
- Never streamed an Amazon Prime video? Earn $10 just by watching one like 'Catastrophe.' (amazon.com)
- You can currently get 20% off of Amazon Home Services leading up to Prime Day. (amazon.com)
Retail
Finance
Hedge funds
- 2&20 is no more for smaller hedge funds. (wsj.com)
- Where hedge funds shouldn't locate. (institutionalinvestor.com)
Membership
Economy
- "The American auto industry is not in a good way." (crossingwallstreet.com)
- The ADP private employment report for June showed modest growth. (calculatedriskblog.com)
- Weekly initial unemployment claims are still tracking at low levels. (calculatedriskblog.com)
Acceleration
- The world is changing at more rapidly than we can take in. (bloomberg.com)
- The electric car revolution is rapidly accelerating. (bloomberg.com)
Earlier on Abnormal Returns
- Startup links: chasing growth. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: over-customized portfolios. (abnormalreturns.com)
- People have emotions, markets don't. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in June 2017. (abnormalreturns.com)