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Quote of the Day
"Pessimism will always make for a more compelling argument than optimism but central bank conspiracy theories won’t fund your retirement or other financial goals."
(Ben Carlson)
Chart of the Day
The VIX is back down to levels seen in January before the huge spike up. (via @bespokeinvest)
Markets
- Why an obsession with the Fed has been a loser for investors. (thereformedbroker.com)
- No two bear markets are alike. (vanguardblog.com)
- GMO makes the case for emerging market equities. (gmo.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
- The FAANG companies are more different than alike. (bloomberg.com)
- Mihir Desai, "The financial archetype defined by Apple — asset-light strategy, leveraged share buybacks and cash flow above all — is a high-wire act." (nytimes.com)
- Why Facebook ($FB) margins will fall as the costs of curation rise. (wired.com)
- The Internet is not a public park. (pragcap.com)
Portfolio management
- Consultants provide recommendations. They don't make decisions. (mutualfundobserver.com)
- Never stop learning: some tips for aspiring portfolio managers. (blogs.cfainstitute.org)
Zero fee funds
- Anthony Isola, "Stressing yourself to save two basis points on an index fund isn’t time well spent." (tonyisola.com)
- As fund fees approach zero they become less of a differentiator. (morningstar.com)
- How to think about zero-fee mutual funds. (mutualfundobserver.com)
Economy
Earlier on Abnormal Returns
- Research links: data-driven decisions. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: putting investors first. (abnormalreturns.com)
- My Q&A with Brian Portnoy author of "The Geometry of Wealth: How to Shape a Life of Money and Meaning." (abnormalreturns.com)
