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Quote of the Day
"The problem with active management isn’t that active managers are especially dumb and prone to bad decisions. The problem with active management is that it asks us to pay fees to bet on a zero-sum game, which as Charlie Ellis reminds us, is definitionally a loser’s game."
(Rusty Guinn)
Markets
- Are we focusing on the wrong yield curve? (bloomberg.com)
- What does the yield curve have to do with your portfolio plan? (etf.com)
Strategy
- Four lessons learned from Seth Klarman about investing. (humbledollar.com)
- Christopher Schelling, "Unfortunately, searching for contrary evidence is not the way our minds work." (institutionalinvestor.com)
- How to test your new investment ideas. (blogs.cfainstitute.org)
IPOs
- Only three things matter when picking an IPO. (wsj.com)
- Pinterest is likely coming public with a down round. (nytimes.com)
Finance
- Goldman Sachs ($GS) is committed to consumer banking (Marcus). (thebasispoint.com)
- Kabbage continues to grow is lending volumes. (techcrunch.com)
- The big credit ratings agencies are relying increasingly on alternative data. (fastcompany.com)
ETFs
- Why is $SPY so darn liquid? (etf.com)
- Five questions for Chris Hempstead, head of ETF sales at Deutsche Bank. (blog.validea.com)
- How Brexit could screw up ETF trading. (ft.com)
Energy
- Norway is walking away from drilling in the Arctic. (msn.com)
- GE ($GE) wants to become a player on offshore wind turbines. (cnn.com)
Global
- How has Australia avoided a recession for the past 28 years? (nytimes.com)
- The carry trade is once again enticing investors into the emerging markets. (wsj.com)
- The prospects for the global economy have stopped getting worse. (ft.com)
Economy
- Retail workers are seeing big jumps in pay. (axios.com)
- Economic expansions don't die of old age. (disciplinedinvesting.blogspot.com)
Earlier on Abnormal Returns
- Adviser links: easy onboarding. (abnormalreturns.com)
- Software, marketplaces and institutionalizing the wine market. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
- Your stuff should spark joy, not fill a self-storage unit. (abnormalreturns.com)
Mixed media
- On the well-being of US households. (theirrelevantinvestor.com)
- Everybody thinks that income inequality is an issue. Nobody can agree on the solution. (fattailedandhappy.com)
- What's it currently like for families whose head of household was born in the 1980s? (humbledollar.com)
- How Ray Dalio proposes to reform the US economy. (mathinvestor.org)