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
"This, too, shall pass" is a great mindset after periods of both losing and winning. Imagine the surgeon about to operate. You don't want that surgeon to be wildly excited and overconfident, and you don't want that surgeon to be fearful and hesitant."
(Brett Steenbarger)
Chart of the Day

Portfolio managers got really bearish on equities in the June BAML report.
Markets
- Nobody saw sub-2% 10 year Treasury yields in 2019. (wsj.com)
- A record $12.5 trillion in global debt now has a negative yield. (ft.com)
Strategy
- Why all-time highs are a breeding ground for bad actions. (theirrelevantinvestor.com)
- Why investment committees so often engage in 'defensive investing.' (i3-invest.com)
Companies
- Snap ($SNAP) is hiring like crazy. (media.thinknum.com)
- How Adobe ($ADBE) stacks up against newer SaaS companies. (ftalphaville.ft.com)
Hedge funds
- Good luck starting a new hedge fund these days with less than $250 million in assets. (bloomberg.com)
- How the definition of success is changing for hedge funds. (wsj.com)
Funds
- Vanguard is cutting fund fees in the UK. (fnlondon.com)
- A look at some of the biggest actively managed equity ETFs. (etf.com)
Global
- Why private equity firms are heading to the emerging markets. (economist.com)
- Asia is the big player when it comes to burning coal. (sl-advisors.com)
Housing
- Phoenix is ground zero for algorithmic home buying services. (wsj.com)
- Investors now make up 11% of home buyers. (nytimes.com)
Economy
- Weekly initial unemployment claims are still coming in at historically low levels. (calculatedriskblog.com)
- American women are spending even more time on the job. (wsj.com)
- Stealth consolidation is on the rise in the US economy. (wsj.com)
Earlier on Abnormal Returns
- Startup links: worry about executing. (abnormalreturns.com)
- Diverse life experiences make for better financial advisors. (abnormalreturns.com)
- Technology is going to allow us to automate more of our 'money modules.' (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the ongoing scam. (abnormalreturns.com)
- Good luck trying to find a decent .com URL these days. (abnormalreturns.com)
- What we lose when convenience trumps experience: the case of brisket. (abnormalreturns.com)