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Quote of the Day
"Hard-core stress sticks around and changes behaviors that were ingrained before the stress occurred. Which is a good summary of how investors have behaved since the triple-hit of the dot-com crash, 9/11, and the financial crisis."
(Morgan Housel)
Chart of the Day
30 year mortgage rates are nearing 2011 levels. (via @CharlieBilello)
Strategy
- Ben Carlson, "Knowledge is table stakes." (awealthofcommonsense.com)
- Some historical perspective on the rise of passive investing. (medium.com)
- How to offset recency bias. (theathleteinvestor.com)
Amazon
- Amazon ($AMZN) will soon be the #3 online ad provider in the US. (wsj.com)
- Why you may soon have an AmazonGo store in your neighborhood. (bloomberg.com)
- How Amazon ($AMZN) Prime's two-day shipping is disrupting traditional retail. (wsj.com)
Finance
- Bank of America ($BAC) leans heavily on its retail businesses. (institutionalinvestor.com)
- A profile of Howard Lutnick, CEO of Cantor Fitzgerald LP, 17 years post-9/11. (bloomberg.com)
- Square ($SQ) is looking more and more like a bank. (recode.net)
- Online-only finance apps are fighting to capture Millennial customers. (forbes.com)
Fund management
- Vanguard has launched two (cheap) ESG ETFs. (etf.com)
- Aperture Investors is building a new money management firm based largely on performance fees. (wsj.com)
Economy
Earlier on Abnormal Returns
- Startup links: lopsided cap tables. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: cruise control. (abnormalreturns.com)
Mixed media
- Ben Bajarin, "Apple has a luxury as a semiconductor engineering team to develop, tune, and innovate specialized chips that exist solely to bring new experiences to iPhone customers." (techpinions.com)
- The Apple Series 4 Watch is the product the company was building all along. (daringfireball.net)
- iOS 12 will make using a password manager much easier. (gizmodo.com)
