Registration for the first of its kind Wealth/Stack Conference on September 8-10th, 2019 at the Scottsdale Plaza Resort in Arizona is now open! Use this link to get an exclusive discount so you can find out how advisors are bridging the gap between technology, investment management and practice management.
Quote of the Day
"In a liquid market with continuous pricing, all losses are permanent. There may be subsequent, permanent gains from that point forward, or there may not."
(Drew Dickson)
Strategy
- If equity capital remains cheap, value investing may very well be dead. (thereformedbroker.com)
- Why one mental model isn't sufficient to overcome your own biases. (safalniveshak.com)
Crypto
- Visa, Mastercard, PayPal and Uber are backing Facebook's new crypto-thing. (wsj.com)
- CME ($CME) Bitcoin futures volume is trending higher. (rcmalternatives.com)
Amazon
- Can Target's ($TGT) same-day deliveries break people of their Amazon ($AMZN) Prime habit? (arstechnica.com)
- AmazonBasics products are now best-sellers in 22 of Amazon's 51 categories. (media.thinknum.com)
Finance
- Monzo and Starling have changed how the UK banks. (theverge.com)
- What is the function of sell-side analysts today? (epsilontheory.com)
- Pierre Mordacq, "The development of private credit is the fundraising phenomenon of the past eight years." (institutionalinvestor.com)
Funds
- Why high yield bonds are not strictly necessary in a portfolio. (morningstar.com)
- Blackrock wants you to buy its thematic, megatrend ETFs. (etf.com)
Global
- Martin Wolf, "No deal is either lunatic or a confidence trick. It is not a policy any sane or decent politician could even consider." (ft.com)
- Why do buyouts in the emerging markets when you do lending instead? (economist.com)
Economy
- Low inflation and slowing jobs growth is setting us up for a Fed rate cut in July. (blogs.uoregon.edu)
- Industrial production jumped in May. (calculatedriskblog.com)
- May was a big month for retail sales. (crossingwallstreet.com)
- The industrial Midwest and Northeast have not seen a boost to manufacturing like the West has. (nytimes.com)
Earlier on Abnormal Returns
- Podcast links: a three comma industry. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: not a fit for venture funding. (abnormalreturns.com)
- Put as many money decisions on autopilot that you can. (abnormalreturns.com)
- Talking about the future of financial advice with Cullen Roche. (abnormalreturns.com)
- On the perils of passive news consumption. (abnormalreturns.com)
Mixed media
- Seth Godin, "Writing may be the skill with the highest return on investment of all. Because writing is a symptom of thinking." (seths.blog)
- Some insights from of Howard Stern's favorite interviews. (thewaiterspad.com)
- Visualizing the daily routines of famous creative people like Victor Hugo and Sigmund Freud. (visualcapitalist.com)