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Quote of the Day
"I’ve yet to meet a public pension plan interested in paying a consulting fee for a critical analysis of their hedge-fund allocation."
(Simon Lack)
Chart of the Day

“Yesterday’s alpha has been unbundled into market capitalization index, factors and alpha-seeking investments.”
Markets
- Investor fears are not unique to 2018. (awealthofcommonsense.com)
- Even when markets don't make sense they are telling us something. (traderfeed.blogspot.com)
Strategy
- Why would you invest with someone who isn't willing to expose their ideas to criticism? (thereformedbroker.com)
- Same as it ever was: the lifecycle of greed and fear. (collaborativefund.com)
- John Rekenthaler, " Rebalancing has less effect than does asset allocation, which in turn has less effect than does the basic act of diversifying." (morningstar.com)
Support
- Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
- Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)
Companies
- Pay-to-play: advertising revenue is booming at Amazon ($AMZN). (ft.com)
- Facebook ($FB) no longer trades at a premium to Alphabet ($GOOGL). (bloomberg.com)
- Why are investors discounting Softbank's stock so much? (nytimes.com)
Finance
- This is America's "most exciting bank." (wsj.com)
- When private equity managers cash out of their 'skin in the game.' (wsj.com)
Hedge funds
- Activist hedge funds have upped the number of campaigns in 2018. (wsj.com)
- Hedge funds are leading the way into cannabis investments. (bloomberg.com)
Fund management
- The ETF Deathwatch for June 2018. (investwithanedge.com)
- Why public pensions have a hard time keeping their CIOs. (institutionalinvestor.com)
Global
- You need a scorecard to sort through all the China equity ETFs. (morningstar.com)
- The US-China trade war: how did we get here? (cfr.org)
Economy
Earlier on Abnormal Returns
- Podcast links: getting your geek on. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: sticky stakeholders. (abnormalreturns.com)