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Quote of the Day
"In the end, there is no magic bullet that identifies when an investment process has failed...Statistically speaking, the amount of time it would take to say for sure that a process no longer works is often longer than the period we have to evaluate it. As a result, there will always be a large element of judgement that goes into the decision."
(Jack Forehand)
Strategy
- There are no immutable laws in finance. (awealthofcommonsense.com)
- Portfolio managers need to temper their emotions with robust risk management systems. (mrzepczynski.blogspot.com)
- When you think about the markets are 'awe-inspiring.' (traderfeed.blogspot.com)
Companies
- Apple's ($AAPL) growth drivers are shifting over time away from the iPhone. (aboveavalon.com)
- Twitter ($TWTR) in turmoil, story #378. (vanityfair.com)
Finance
- Leveraged loan investors are taking more risk than they think. (wsj.com)
- The impact of MiFID II is only getting started. (ftalphaville.ft.com)
Hedge funds
- Another asset manager jumps off the hedge fund train. (bloomberg.com)
- Institutional investors have chosen CLOs over hedge funds: is that a mistake? (bloomberg.com)
Funds
- Index funds are not uniquely at-risk of a bear market. (bloomberg.com)
- Should commission-free ETFs change how you invest? (vanguardblog.com)
- An increasing number of institutional investors are adopting an OCIO model. (institutionalinvestor.com)
Global
- How much longer can emerging markets deal with a tightening Fed? (themacrotourist.com)
- David Pilling, "For the next century, most of the increase in the world’s population will happen in Africa." (ft.com)
Good times
- Weekly initial unemployment claims are still sitting at historically low levels. (calculatedriskblog.com)
- Wal-Mart ($WMT) just reported great earnings. (nytimes.com)
- Americans are eating out like crazy. (bloomberg.com)
Earlier on Abnormal Returns
- Startup links: changing the world. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: subsidized investing. (abnormalreturns.com)
