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Quote of the Day
"There is a paradox at the heart of active management; to justify its existence the focus should be on differentiated and high conviction approaches; however, the more genuinely active a strategy is the greater the likelihood that it will experience spells of pronounced and often prolonged underperformance, which will be unpalatable for many investors."
(Joe Wiggins)
Chart of the Day
“Even though technology has enabled investors to save billions via ETFs, index funds and cheaper mutual funds, large investors have upped their risk and fee budgets on high margin private equity, hedge funds and other specialist managers instead.”
Markets
- Ranking the worst one-day stock declines in US history. (politicalcalculations.blogspot.com)
- Another example of bad market capitalization math. (crossingwallstreet.com)
Strategy
- Michael Batnick, "How many actual buyers and sellers does it take to come to a reasonable approximation of underlying value?" (theirrelevantinvestor.com)
- Why global diversification is less valuable than it used to be. (mrzepczynski.blogspot.com)
- There's never a perfect time to start saving and investing. (tonyisola.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
Funds
- How JP Morgan ($JPM) is making waves in the ETF marketplace. (etf.com)
- Julie Segal, "Distributed infrastructure is a new asset class for many institutions, sharing characteristics with growth-equity investments, which are small and untested, as well as other real assets." (institutionalinvestor.com)
The yield curve
- What's different this time around. (themacrotourist.com)
- Burton Malkiel on why this time is different when it comes the yield curve. (wsj.com)
Economy
- The Case-Shiller U.S. National Home Price Index census showed a 6.4% annualized gain in May. (calculatedriskblog.com)
- Young people don't want construction jobs. (wsj.com)
Earlier on Abnormal Returns
- Research links: a mistaken approach. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: aggressive marketing. (abnormalreturns.com)
