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Quote of the Day
"Even if it’s your job to have an opinion, saying that you don’t have a strong one or that you’re unsure of something is a perfectly valid stance. Sometimes it would be better to just say nothing."
(Josh Brown)
Chart of the Day
BBB-rated bonds now make more than 40% of the corporate investment grade universe.
Markets
- Robert Frey, "The market isn't some static thing that just sits there; the very act of exploiting something changes the market...I don't think markets can become efficient in the classical sense. It's going to be harder to distinguish oneself in the markets -- but that's not a bad thing." (bloomberg.com)
- How the stock market performed during periods of Fed tightening. (vanguardinstitutionalblog.com)
Strategy
- A real life example of the downside of following analyst recommendations. (innovate-wealth.com)
- A few notes on Brian Livingston's new book, "Muscular Portfolios: The Investing Revolution for Superior Returns with Lower Risk." (cxoadvisory.com)
- AI "expands our cognitive bandwidth." (traderfeed.blogspot.com)
Companies
- Apple ($AAPL) and Amazon ($AMZN) are overvalued. (aswathdamodaran.blogspot.com)
- Berkshire Hathaway ($BRK.A) stock just hit a new all-time high. (barrons.com)
Tesla
- Audi joins the list of automakers taking on Tesla ($TSLA). (bloomberg.com)
- Why the German car manufacturers are uniquely positioned to take on Tesla ($TSLA). (wsj.com)
- One last take on the competition circling Tesla ($TSLA) in EVs. (ft.com)
Finance
- Private equity is locking up funds for longer in order to take a longer term view. (ft.com)
- What are ASRs (accelerated share repurchases)? (blogs.cfainstitute.org)
Hedge funds
- The hedge fund industry is pitching based on decades-old returns. (morningstar.com)
- Say what you will about hedge funds, but they do trade during periods of market volatility. (ft.com)
- That being said hedge funds still manage $3.24 trillion as of the end of June. (institutionalinvestor.com)
Economy
- The Fed is expected to raise rates for the eighth time next week. (bloomberg.com)
- Paradoxically, people who graduate in the midst of a recession are happier with their outcomes. (hbr.org)
Earlier on Abnormal Returns
- Podcast links: a bursting bubble. (abnormalreturns.com)
- What you missed in our Thursday links. (abnormalreturns.com)
- Startup links: lopsided cap tables. (abnormalreturns.com)
