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Quote of the Day
"The sad truth is that a substantial portion of trading (and trading psychology) problems stems from trading sheer randomness."
(Brett Steenbarger)
Chart of the Day
The health care and technology sectors almost look like mirror opposites. (via @BespokeInvest)
Markets
- Why being able to speak the 'language of the markets' is helpful during wacky periods like we have today. (howardlindzon.com)
- Correlations are not constant! (mrzepczynski.blogspot.com)
Strategy
- Great investors know a lot more than finance and accounting. (blogs.cfainstitute.org)
- It's easy to identify economic moats in hindsight. (intrinsicinvesting.com)
- Investors should worry more about regret minimization than utility maximization. (demonetizedblog.com)
- There are fourteen levels of confidence. (collaborativefund.com)
Uber
- How Uber ($UBER) is accumulating data on food delivery and freight. (washingtonpost.com)
- Some alternative data on Uber ($UBER). (media.thinknum.com)
- A bet on Uber ($UBER) is a bet on self-driving cars. (wired.com)
- Why you should 'root against' the Uber ($UBER) IPO. (nytimes.com)
Companies
- "Zillow ($Z) is getting bigger and better at making every part of the home buying, selling, and financing process easier for you." (thebasispoint.com)
- Occidental Petroleum ($OXY) won the battle for Anadarko Petroleum ($APC). (nytimes.com)
- Google ($GOOGL) is phasing out the Nest brand. (arstechnica.com)
Finance
- Small companies (less than $100 million market cap) are getting outside audit exemptions. (wsj.com)
- Traders love 'micro' e-mini futures contracts. (ft.com)
- AB InBev ($BUD) is pursuing an IPO for its Asian unit. (wsj.com)
- IPOs are more exciting than profitable. (ritholtz.com)
Risk premia
- Weak alternative returns premia has put pressure on AQR. (fnlondon.com)
- The popularity of factor investing may be sowing the seeds of its own demise. (bloomberg.com)
Funds
- The 2019 Charles Schwab study on investor interest in ETFs. (aboutschwab.com)
- Moody's warns about liquidity issues for bond ETFs during a market dislocation. (institutionalinvestor.com)
- Beware the hype about the danger of index investing. (thefinancialbodyguard.com)
Global
- Why your fund is likely to increase its Chinese equity exposure. (cnbc.com)
- How to the play the white hot Canadian economy. (themacrotourist.com)
Earlier on Abnormal Returns
- Podcast links: data-driven parenting. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: betting on iBuying. (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)
