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Quote of the Day
"Bogle was the best chief executive officer in fund history, and second place isn’t even close."
(John Rekenthaler)
Chart of the Day
What are we to make of the BIG valuation spread between the US and the rest of the world?
Strategy
- A flatter yield curve is forcing investors to rethink their bond exposure(s). (awealthofcommonsense.com)
- Big drawdowns are tough to avoid, especially over a lifetime of investing. (mebfaber.com)
- Even with all the data in the world, you still need to make a decision. (basonasset.com)
Business
- Christopher Mims, "Email still has the highest return on investment per marketing dollar spent, according to the Data & Marketing Association." (wsj.com)
- Cube satellites will make it difficult for companies to keep their secrets. (nytimes.com)
- Madagascar is a new hotbed for outsourcing firms. (qz.com)
- Inside the wild world of companies that buy Amazon ($AMZN) returns, sight unseen. (theatlantic.com)
- The upside for businesses that go cashless. (wsj.com)
Companies
- Slack is seeing increased competition from Microsoft ($MSFT) Teams. (ft.com)
- Facebook ($FB) plans to integrate its messaging services. (theverge.com)
Finance
- German banks are the cheapest in Europe. (ft.com)
- Airplane lease cap rates are absurdly low. (wsj.com)
Funds
Housing
- An increasing number of homes are outside the ability of middle class buyers. (washingtonpost.com)
- Just how old is the housing stock? You may be surprised. (thebasispoint.com)
- When empty-nesters sell the family home it can set off a wave of different emotions. (theatlantic.com)
- Why we hate new furniture after it is delivered. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: mainstream episodes. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: board misalignment. (abnormalreturns.com)
Mixed media
- Charlie Munger read "The Rebel Allocator" all the way through. (wsj.com)
- Noah Smith, "Stubborn Attachments" reads to me more like a manifesto for basic research and green technology than a manifesto for laissez-faire economics or any of the other things that commentators call "growth policy". (noahpinionblog.blogspot.com)
