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Quote of the Day
"It is hard to be a good investor and a good investment salesman, because good investing is usually either accepting painful volatility, or avoiding it through dampening diversification."
(Morgan Housel)
Markets
- Mid caps look cheap relative to large caps. (medium.com)
- 2018 was NOT one of the most volatile years in stock market history. (alvarezquanttrading.com)
- Trendfollowers are feeling the pain of the whipsaw. (wsj.com)
Strategy
- JC Parets, "Let’s get something straight: being a market participant is not a right, it is a privilege. You have a responsibility to yourself, or your clients, to manage risk appropriately." (allstarcharts.com)
- Reams of data often only produce overconfidence, not greater accuracy. (behaviouralinvestment.com)
- Contrarians can't afford to go against the crowd all the time. (marketfox.org)
Long term forecasts
- What a slew of forecasters think about long-term stock and bond returns. (morningstar.com)
- Forecast 10-year asset class returns. (zeninvestor.org)
Finance
- Why the J.P. Morgan Healthcare Conference in San Francisco is the premier event for biotechs, albeit at a cost. (statnews.com)
- Why MEMX has a good chance of success. (ft.com)
Funds
- Blackrock ($BLK) and Vanguard were the big 2018 ETF inflow winners. (ritholtz.com)
- Jeff Vinik is getting back into the money management game. (wsj.com)
- The world's cheapest ESG ETF portfolio just got cheaper. (etf.com)
Global
- House prices in Australia are in decline. (ft.com)
- At some point declining global fertility rates are going to bite. (blog.yardeni.com)
Economy
- Weekly initial unemployment claims are still at historically low levels. (calculatedriskblog.com)
- Can the economics profession solve its gender problem? (economist.com)
Earlier on Abnormal Returns
- Startup links: flyover deals. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: financial independence. (abnormalreturns.com)
- Why study market history if it can't tell us what will happen in the future? (abnormalreturns.com)
