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Quote of the Day
"The basic message here is this – if you are worried about short-term relative performance, avoid active managers, if not you will spend a great deal of time making consistently poor investment decisions."
(Joe Wiggins)
Chart of the Day

Don’t dismiss the forecasting ability of the slope of the yield curve just yet.
Strategy
- Why doesn't the stock market care about the news? (awealthofcommonsense.com)
- This 'law of finance' is a logical conclusion from studies of complex phenomena. (ofdollarsanddata.com)
- How diversification is like a Broadway play. (westwoodgroup.com)
Companies
- What would an Elon Musk-less Tesla ($TSLA) look like? (washingtonpost.com)
- Consumers can't get enough (pricey) drinks that claim health benefits. (wsj.com)
Finance
- There is a inherent contradiction when auditors and clients get too close. (ft.com)
- Just what constitutes an outside, independent director? (ft.com)
Funds
- There is a lot of issuer overlap between CLO portfolios. (wsj.com)
- For most investors a thematic ETF is a better bet than an individual stock. (etf.com)
- When NOT to invest in a hedge fund. (institutionalinvestor.com)
House prices
- Home price gains continued through June per Case-Shiller. (calculatedriskblog.com)
- Surprisingly the new tax law has not had a big impact on home prices. (nytimes.com)
Economy
- The rate of US jobs growth has not changed much over the past four years. (ritholtz.com)
- One more time...copper is not a reliable economic indicator. (bloomberg.com)
- Why universal basic income experiments have been so difficult to put into action. (wired.com)
Earlier on Abnormal Returns
- Research links: trade optimization. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: bad actors. (abnormalreturns.com)
- Luck, success and the fundamental attribution error. (abnormalreturns.com)