Review: The Infidel and the Professor: David Hume, Adam Smith and the Friendship that Shaped Modern Thought by Dennis Rasmussen is a “touching and illuminating book.” (NYTimes)
Quote of the Day
"In other words, immigrants are paying for the retirements, the health care and the welfare benefits of the native-born."
(Noah Smith)
Chart of the Day
“Investing is never passive: A decision on where to allocate capital always takes place, and that is an active one.”
Markets
- Why are Japanese and German government bond yields so highly correlated? (bloomberg.com)
- Strap in for an extended period of emerging market outperformance. (bloomberg.com)
Low returns
- The sad math behind US asset markets. (alephblog.com)
- Despite low yield investors continue to pour money into bond funds. (blogs.wsj.com)
Strategy
- What a test of Meb Faber's "Trinity Portfolio" shows. (allocatesmartly.com)
- On the danger of just 'doing something' with your investments. (danielsolin.com)
Offers
- Tom Brakke is hosting an advanced due diligence and manager selection conference in November. Details here: (tjbresearch.com)
- 37+ global investors share their top strategies for investing in China. I’m speaking at this free online-only event with the likes of Jim Rogers, Kevin Kelley and Jack Schwager. (adamc73334.clickfunnels.com)
Companies
- Facebook ($FB) shareholders should worry that the company has TOO much power. (thereformedbroker.com)
- Morgan Stanley and Citigroup Inc. announced they will get all of their energy from renewables in a few years. (bloomberg.com)
Crypto
- Calling BS on the ICO craze. (pointsandfigures.com)
- ICOs are fertile ground for fraud. (thereformedbroker.com)
- Scott Galloway talks with NYU professor David Yermack about the blockchain. (l2inc.com)
Funds
- Choosing among high quality bond funds need not be all that difficult. (beta.morningstar.com)
- Mutual fund names confuse as often as they illuminate. (thirtynorth.com)
- Sometimes even a successful fund investment can be a mistake. (humbledollar.com)
Books
- Analysts need to be able to pitch. Hence, Sonkin and Johnson's "Pitch the Perfect Investment: The Essential Guide to Winning on Wall Street." (amazon.com)
- Why don’t you read more? No time, right? Try the Blinkist app! Read or listen to the key insights from the best nonfiction books in a matter of minutes! (blinkist.com)
- Ron Chernow's "Grant" is going to be a huge Fall read. (amazon.com)
Global
- Why you should be wary of Hong Kong's market rally. (bloomberg.com)
- The UK continues to shoot itself in the foot. (bloomberg.com)
Economy
- Does the Fed know if QE or QE2 worked? (wsj.com)
- Are term spreads still a reliable indicator of a recession? (capitalspectator.com)
- Bubbles have consequences when credit gets involved. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: on being human. (abnormalreturns.com)
- ESG: don't let perfect be the enemy of good. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: early warning signs (abnormalreturns.com)
- Investing was never easy and will only get more difficult. (abnormalreturns.com)
- Skill, luck and the 1987 stock market crash. (abnormalreturns.com)
