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Quote of the Day
"Business and investing focus leans heavily toward the getting, because getting something new is more exciting than keeping what you already have. But the keeping is just as important, since compounding requires longevity. And it’s almost always simpler than the getting, which makes it more realistic to control."
(Morgan Housel)
Markets
- Don't look now but managed futures are up on the year. (rcmalternatives.com)
- Lumber prices are still down 35% year-over-year. (calculatedriskblog.com)
Strategy
- Why institutional investors are "incentivised to practice defensive investing." (marketfox.org)
- Portfolio turnover is not the drag on returns it used to be be. (albertbridgecapital.com)
Companies
- Anheuser-Busch InBev NV is selling a stake in its Asian business via an Hong Kong-listed IPO. (bloomberg.com)
- Share buybacks are on pace for a slower year in 2019 vs. 2018. (wsj.com)
Finance
- Professional traders rarely make it to retirement age in their jobs. (fnlondon.com)
- Why family-led companies are teaming up with private equity. (wsj.com)
Funds
- Whenever a fund manager takes on a liquidity mismatch the risk of a run on the fund is there. (mutualfundobserver.com)
- Three lessons learned from ninety years of Vanguard Wellington Fund. (investornews.vanguard)
Global
Housing
- 30-year mortgage rates are currently averaging 3.875%. (calculatedriskblog.com)
- Why the real estate market is stronger than you think. (thebasispoint.com)
- Millennials are growing up: "the back-to-the-city trend has reversed." (wsj.com)
- Why your house's Zestimate is changing. (marketwatch.com)
Earlier on Abnormal Returns
- On the loss of a helpful reading resource: Reading the Markets by Brenda Jubin. (abnormalreturns.com)
- Talking transportation trade-offs with Ben Carlson. (abnormalreturns.com)
- Research links: overstated earnings. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- In today's Market Moment we discuss the opening of the original Walmart and what the company is doing today to keep up with Amazon. (shows.pippa.io)
- Adviser links: getting political. (abnormalreturns.com)
Mixed media
- Tyler Cowen things "The Nonsense Factory: The Making and Breaking of the American Legal System" by Bruce Cannon Gibney is one of the best books of the year. (marginalrevolution.com)
- There is some good stuff in David Brooks' "The Second Mountain: The Quest for a Moral Life." (casnocha.com)
- Why there's no such thing as a 'guilty pleasure.' (nytimes.com)
- 100 books for ever year of your life. (washingtonpost.com)
