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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)
