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Quote of the Day
"The success of Berkshire teaches us a couple of lessons: First, you must have a process for deploying capital in which you have a high degree of justified confidence; and second, you must be comfortable holding onto a position that isn’t working and possibly looking stupid, perhaps for years, as you wait for the cycle to turn."
(Barry Ritholtz)
Markets
- The 3 month-5 year just inverted. (fattailedandhappy.com)
- There has been a surge in the amount of BBB-rated bonds. What is the logical trade? (themacrotourist.com)
- The S&P 500 has been on a historical run since December. (quantifiableedges.com)
Strategy
- US stocks have been crushing international stocks of late, but that is not always the case. (theirrelevantinvestor.com)
- Why asset allocation is the easiest retirement choice you can make. (ofdollarsanddata.com)
- Active investment management isn't getting easier any time soon. (epsilontheory.com)
Companies
- Why Goldman Sachs ($GS) and Apple ($AAPL) need each other. (wsj.com)
- Enron was not a complete bust. (wsj.com)
- Why cost-cutting is no longer a viable corporate strategy. (bloomberg.com)
Berkshire Hathaway
- In case you missed Warren Buffett's appearance on CNBC discussing Kraft Heinz, Apple and Michael Bloomberg. (thereformedbroker.com)
- Warren Buffett admits he overpaid for Kraft Heinz ($KHC). (wsj.com)
- Warren Buffett's 2018 shareholder letter annotated. (safalniveshak.com)
Fintech
- Zillow ($Z) aspires to be the Netflix ($NFLX) of homes. (thebasispoint.com)
- YieldStreet just raised a big financing round to expand their footprint. (venturebeat.com)
- Roofstock wants to sell you a piece of a rental home. (bloomberg.com)
Institutional
- If you want to be a CIO, you want to know this guy. (institutionalinvestor.com)
- More private equity money means upstarts are finding room to make deals. (ft.com)
ETFs
- Vanguard just lowered its fees on seven different ETFs. (wsj.com)
- A peek inside the marijuana ETFs. (etf.com)
- Why you should not expect Blackrock ($BLK) or Vanguard to move to zero-fee ETFs any time soon. (citywireusa.com)
Bond indexing
- Why the drop off in relative performance of the Vanguard Total Bond Market Index fund should not be of concern. (morningstar.com)
- How well do muni bond ETFs track their indices? (morningstar.com)
Global
Economy
- The Case-Shiller national house price index showed a 4.7% rise as of December 2018. (calculatedriskblog.com)
- Robert Shiller picks five books on "capitalism and human nature" including "Fault Lines" by Raghuram Rajan. (fivebooks.com)
Earlier on Abnormal Returns
- Research links: hedge fund crowdedness. (abnormalreturns.com)
- On today's Market Moment we look at the collapse of Barings PLC in 1995 and the decline in 'rogue trading' events. (shows.pippa.io)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: a collaborative process. (abnormalreturns.com)
