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Quote of the Day
"Smart" is the ability to solve problems. Solving problems is the ability to get stuff done. And getting stuff done requires way more than math proofs and rote memorization."
(Morgan Housel)
Chart of the Day

Rising short-term interest rates have pressured REIT performance YTD. image: Finviz
September
- How major asset classes performed in September. (capitalspectator.com)
- How tactical asset allocation strategies performed in September. (allocatesmartly.com)
- Checking in on factor performance through Q3. (factorresearch.com)
Markets
- US stocks have rarely outperformed international stocks to this great a degree. (wsj.com)
- Why all the talk about October stock market crashes? (bloomberg.com)
- Remember all the talk about the "bond bubble"? (morningstar.com)
Strategy
- Gary Mishuris, "It’s not the size of your circle of competence that matters, but rather how accurate your assessment of it is." (behavioralvalueinvestor.com)
- Why market timing using valuation metrics is so difficult. (awealthofcommonsense.com)
- Hedge fund returns are lower because hedge funds are taking less risk. (rcmalternatives.com)
- Ten investment lessons from the GFC. (etf.com)
Crypto
- Bitcoin is now 10 years old. (wsj.com)
- Crypto companies are taking up some expensive office space. (bloomberg.com)
Companies
- What Snap ($SNAP) and Tesla ($TSLA) have in common. (l2inc.com)
- Apple ($AAPL) News is driving a lot of traffic for publishers, just not much revenue. (slate.com)
- Procter & Gamble ($PG) seems to be stuck in a "morass." (wsj.com)
- For better or worse, Tesla ($TSLA) is where it is because of CEO Elon Musk. (mondaynote.com)
Finance
- It took ten years, but Goldman Sachs ($GS) has kinda, sorta revamped its public image. (businessinsider.com)
- ICE ($ICE) is set to take over the Mortgage Electronic Registration Systems (MERS), which keeps track of almost 30m US home loans. (ft.com)
- Profits are not necessary to go public these days. (wsj.com)
Funds
- European fund managers are no better than US counterparts in outperforming the market. (ft.com)
- Calstrs wants to up it infrastructure investments. (ft.com)
Global
- John Aglionby, "More than half the world’s population is for the first time living in households earning enough to be considered middle or upper class, with five people joining their ranks every second." (ft.com)
- Move aside NAFTA, here comes the USMCA. (slate.com)
Economy
- A look back at the mini-recession of 2016. (nytimes.com)
- The September ISM continues to show strong growth. (crossingwallstreet.com)
Economics
- Amazon ($AMZN) has a bunch of PhD economists on its staff. (marginalrevolution.com)
- What the University of Chicago is going to do with Ken Griffin's big gift to support the Economics department. (chicagobusiness.com)
Earlier on Abnormal Returns
- Adviser links: effortful incompetence. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: winner-take-all markets. (abnormalreturns.com)