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Quote of the Day
“They [central counterparties] should be managed so they don’t fail...Like a nuclear power reactor. You don’t design them to survive in all but the most extreme circumstances. You just design them to survive.”
(Darrell Duffie, a professor at the Stanford University Graduate School of Business)
Markets
- Why the stock market is sitting at new highs. (ritholtz.com)
- The best way to express your faith in the US economy. (themacrotourist.com)
Strategy
- The ultimate question in investing: discretion vs. rules. (mrzepczynski.blogspot.com)
- Change is slow, and then it happens all at once. (tonyisola.com)
Crypto
- Facebook ($FB) is reportedly building a cryptocurrency-based payments system. (wsj.com)
- JP Morgan ($JPM) is teaming with Microsoft ($MSFT) to help build out its blockchain platform. (wsj.com)
- Institutional investors are increasingly open to crypto assets. (institutionalinvestor.com)
Companies
- Softbank is considering an IPO of its Vision Fund. (wsj.com)
- Verizon ($VZ) wants to sell Tumblr. (theverge.com)
Finance
- Apollo Global Management ($APO) is shifting from partnership to C-corp. (ft.com)
- The Nasdaq ($NDAQ) is increasingly a data business. (ft.com)
- Why dual-class share structures should have a sunset provision. (blogs.cfainstitute.org)
Books
- A rave review for Jamie Susskind's "Future Politics." (thefinancialbodyguard.com)
- Lessons Allison Schrager learned writing "An Economist Walks Into a Brothel." (thinkadvisor.com)
- Heather B. Armstrong writes about a radical new treatment for depression in "The Valedictorian of Being Dead: The True Story of Dying Ten Times to Live." (theguardian.com)
Economy
- The April NFP report was another blowout including a 3.6% unemployment rate. (calculatedriskblog.com)
- Why do economists freak out every Winter? (thereformedbroker.com)
- Productivity growth is on the rise. (scottgrannis.blogspot.com)
- Wages are finally picking up. (nytimes.com)
Earlier on Abnormal Returns
- Podcast links: podcast paywalls. (abnormalreturns.com)
- How nostalgia affects our investments. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: sales manager potential. (abnormalreturns.com)
