Today’s linkfest is a bit of a catch-up day from earlier in the week. We will get back to our regularly scheduled programming tomorrow. Cheers!
Quote of the Day
"So basically, we’re all competing inside this feedback loop, where fundamentals may one day be known, and will matter – but in the meantime the game is as much about being ahead of the other guy as it is about being smarter about what the business might look like in a time horizon beyond the lock-up of our AUM."
(Drew Dickson)
Chart of the Day
Allocators love emerging market equities. (via @koyfin)
Markets
- The poor returns from the GFC are dropping off of 10-year return figures. (nytimes.com)
- When, if ever, does market timing work? (ofdollarsanddata.com)
Strategy
- The problem with piggybacking on other investor's ideas is that smart investors can disagree. (blog.validea.com)
- Active investors love investing in oligopolists. (ftalphaville.ft.com)
- It may be hard to measure but illiquidity has a cost. (pointsandfigures.com)
- You can't avoid risk so you have to manage it. (morningstar.com)
- A Q&A with Aswath Damodoran. (elmfunds.com)
Crypto
IPOs
- How this IPO boom differs from the Dotcom bust. (nytimes.com)
- Uber ($UBER) is set to price in the middle of the range. (wsj.com)
- Chalk one up for Goldman Sachs ($GS) clients in the Uber IPO. (wsj.com)
- A profile of the guy who will be in the middle of Uber ($UBER) trading post-IPO. (ft.com)
- Are Uber ($UBER) and Lyft ($LYFT) in Nash equilibrium today? (techcrunch.com)
Berkshire Hathaway
- 5 insights from the Berkshire Hathaway ($BRK.A) annual meeting. (forbes.com)
- Why is Berkshire still pushing the 'cult of personality' around Buffett? (marketwatch.com)
- Warren Buffett isn't perfect. (bloomberg.com)
- What Buffett and Munger had to say in an interview with Becky Quick of CNBC. (marketfolly.com)
Finance
- The Fed is talking about growing corporate debt but not doing anythinga bout it. (themacrotourist.com)
- More US corporates are borrowing in Euros. (ft.com)
- Muni bonds are increasingly traded online. (wsj.com)
- Lenders are making it harder to get small balance (less than $100,000) mortgages. (wsj.com)
- EasyKnock wants to buy your house an lease it back to you. (venturebeat.com)
- On the state of US community banks. (economist.com)
ETFs
- John Rekenthaler, "That ETFs have fared well, rather than poorly, owes in part to some happy accidents. But credit must also be given to all involved parties--advisors, investors, and the providers themselves." (morningstar.com)
- Bond ETFs are on track to have $1 tillion in AUM by year-end. (wsj.com)
- How Morningstar's shift could affect how we invest in intermediate-term bond funds. (citywireusa.com)
- Cheap ETFs are not a cash cow for Blackrock ($BLK). (bloomberg.com)
- The ETF Deathwatch for April 2019. (investwithanedge.com)
Funds
- Blackrock's ($BLK) purchase of BGI was the 'deal of the century.' (ft.com)
- JP Morgan ($JPM) will control its Chinese asset management unit. (ft.com)
- Target date funds already have $1.10 trillion in AUM. (wsj.com)
- Will investors line up to buy a Opportunity Zone real estate fund from Chris Christie? (wsj.com)
- Hedge fund manager transitions are tough. (institutionalinvestor.com)
Economy
- Weekly initial unemployment claims continue to run hot, albeit from a low level. (calculatedriskblog.com)
- The yield curve is not exactly normal. (econbrowser.com)
- The US is in a pretty good place. (scottgrannis.blogspot.com)
- Take a step back and enjoy what we have people. (fattailedandhappy.com)
- Americans hold contradictory opinions about their own financial security and the overall economy. (ritholtz.com)
Earlier on Abnormal Returns
- Startup links: betting on iBuying. (abnormalreturns.com)
- We're giving away copies of "Making Money Simple"! (abnormalreturns.com)
- Personal finance links: staying busy in retirement. (abnormalreturns.com)
- Research links: re-defining small cap. (abnormalreturns.com)
- Part one of our Q&A with Peter Lazaroff author of "Making Money Simple." (abnormalreturns.com)
- Part two of our Q&A with Peter Lazaroff author of "Making Money Simple." (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
Mixed media
- Companies are bad at hiring, in part, because the stretch to hire from outside the firm. (economist.com)
- The future of work is increasingly....human. (vanguardblog.com)
- How increasing mobility is affecting office design. (qz.com)
- How low-friction communication changed how offices work. (calnewport.com)
