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Quote of the Day
“These index funds have come along and they’ve basically beaten everybody. Not only that, the amount by which they beat everybody is roughly the cost of running (an active management) operation. So we’ve got a whole profession that is being paid for accomplishing practically nothing.”
(Charlie Munger)
Chart of the Day
The case for global diversification is still strong. (via @vanguard)
Markets
Strategy
- Risk is irreducible. (theirrelevantinvestor.com)
- Why you want your bond fund to be boring. (etf.com)
- What it takes to hold a 100% stock portfolio. (humbledollar.com)
- Five ways to be a more mindful investor. (seeitmarket.com)
Companies
- The lesson from the Amazon HQ2 fiasco is all about execution. (continuations.com)
- Amazon ($AMZN) raked in all manner of data during the HQ2 search. (ftalphaville.ft.com)
- Amazon HQ2 decision: winners and losers. (marginalrevolution.com)
Payments
- Talk about pricing power: Visa ($V) and Mastercard ($MA) are raising interchange fees. (wsj.com)
- Kroger ($KR) has launched its own payment app. (news.yahoo.com)
Finance
- Research finds that the NBBO "often wasn’t really the best quote available in the market at the time of the trade." (wsj.com)
- The ICE wants to introduce speed bumps in futures trading. (wsj.com)
Funds
- The ETF business is tough, might as well have a catchy ticker. (bloomberg.com)
- How to calculate the total cost of ETF ownership. (morningstar.com)
- Besides Warren Buffett, who else Charlie Munger trusts his money with. (qz.com)
Global
- Why are central banks buying gold? (themacrotourist.com)
- Luxury home prices are down significantly around the globe. (bloomberg.com)
Economy
- Keep an eye on rising initial unemployment claims. (fattailedandhappy.com)
- Beware analysts looking for a recession under every rock. (blogs.uoregon.edu)
- For the past three years experts have underestimated US crude oil production. (axios.com)
- Some additional data on young adults living with their parents. (urban.org)
- It's probably not a good idea to micromanage corporate capital activities. (ritholtz.com)
Earlier on Abnormal Returns
- Podcast links: the story of meat. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: the seed slump. (abnormalreturns.com)
- How many unique personal finance stories are there really? (abnormalreturns.com)
