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Quote of the Day
"When the markets are roiling, as they are now, fear is pitched all day, every day, and human nature buys it. And pays a premium. A very big premium...Giving in to the fear we feel is dangerous business, of course, because the market trends solidly upward."
(Robert Seawright)
Markets
- Not a news flash, but 2018 has seen a pick up in volatility. (nytimes.com)
- Historically the coming week has been the most bullish of the year. (quantifiableedges.com)
- A slowing economy need not imply a recession. (dashofinsight.com)
Strategy
- Is the 'endowment model' irretrievably broken? (nytimes.com)
- The wealthy increasingly want to do their investment directly bypassing PE/VC funds. (bloomberg.com)
Finance
- Did you know asset manager Manning & Napier was publicly traded? Me neither. (otcadventures.com)
- Why pipeline companies should be considering share buybacks. (sl-advisors.com)
Funds
- When nearly every asset class is down on the year, target-date funds will suffer as well. (barrons.com)
- Illiquid securities are a challenge for open-end mutual funds, even more so for closed-end funds. (wsj.com)
Geography
- Residents are fleeing New York City, Los Angeles and Chicago. (bloomberg.com)
- On the rise of American 'superstar cities.' (wsj.com)
Economy
- A succinct summation of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
- Now that the ZIRP cat is out of the bag, expect it to be used again in the future. (reuters.com)
- Why is undergraduate economics bereft of behavioral economics? (theatlantic.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: angry Americans. (abnormalreturns.com)
- It's not all puppies and rainbows: some posts you should check out. (abnormalreturns.com)
Mixed media
- Some books Ben has been reading of late including Seth Godin's "This is Marketing." (awealthofcommonsense.com)
- Why you should gift Andrew Roberts’ “Churchill: Walking With Destiny.” (nytimes.com)
- The best books of 2018 including Scott Belsky's "The Messy Middle." (esquire.com)
- The 10 best audiobooks of 2018. (slate.com)
