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Quote of the Day
"The vast majority of trading strategies employed on Wall Street have not beaten the market over time, and have no claim on your hard-earned assets."
(Mark Hulbert)
May Performance
- A summary of asset class returns for May 2018. (capitalspectator.com)
- Low vol crushed high beta in May 2018. (indexologyblog.com)
- How various tactical asset allocation strategies performed in May. (allocatesmartly.com)
Markets
- Ben Carlson, "Stocks have finished the year with a gain in 19 out of the 37 years since 1950 that the S&P 500 has seen a double-digit peak-to-trough sell-off during a calendar year. So a little more than half the time stocks were up even after a 10%+ correction in a given year." (awealthofcommonsense.com)
- The government cannot prevent every recession or bear market, nor should it. (theirrelevantinvestor.com)
- Are investors paying TOO much attention to trade talk? (ft.com)
Strategy
- What Barron's got right (and wrong) about Amazon.com ($AMZN) in May 1999. (ritholtz.com)
- What's a realistic Sharpe ratio for a quant fund? (priceactionlab.com)
- Risk management is never free. (tonyisola.com)
IPOs
- Slack CEO Stewart Butterfield is keeping a low profile, pre-listing. (nytimes.com)
- A skeptical look at the Endeavor IPO. (vanityfair.com)
- Fast-growing Chewy Inc. is set to come public. (marketwatch.com)
Companies
- CPG companies are having to come to terms with smaller American families. (wsj.com)
- Infineon Technologies has agreed to buy Cypress Semiconductor in a deal that values the chipmaker at $10 billion. (venturebeat.com)
- Good luck to new management at Bed Bath & Beyond ($BBBY). They are going to need it. (wsj.com)
Big Tech
- The Department of Justice is ramping up its investigation of Google ($GOOGL). The FTC is looking at Amazon ($AMZN). (nytimes.com)
- Why competition and transparency, not anti-trust, is the best fix for Big Tech. (avc.com)
Finance
- Blackstone ($BX) just purchased 179 million square feet of warehouse assets. (bloomberg.com)
- Why Morningstar ($MORN) is pushing deeper into credit ratings. (silverlightinvest.com)
Funds
- Venezuela's default made for some weirdness with the JP Morgan Emerging Markets Bond Index. (wsj.com)
- The June Mutual Fund Observer is out. (mutualfundobserver.com)
Global
- The Reserve Bank of Australia’s cash rate last stood this far below the Federal Reserve funds rate in 1983. (bloomberg.com)
- What global remittances around the globe look like. (howmuch.net)
- Trade war effects, both direct and indirect, are beginning to pile up. (ftalphaville.ft.com)
Economy
- The lowest ISM manufacturing index since October 2016. (crossingwallstreet.com)
- Initial jobless claims typically rise before a recession. (fattailedandhappy.com)
Earlier on Abnormal Returns
- Adviser links: free flow of information. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
