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Quote of the Day
"This is why the best assets to hedge against inflation are those that satisfy human desires in every market environment. "
(Nick Maggiulli)
Chart of the Day
The dividend yield on the S&P 500 once again exceeds the yield on the 10-year Treasury note.
Strategy
- There is no stock market without fear. (thereformedbroker.com)
- The stock market operates like a "super volatile long-term bond because it doesn’t have any fixed or guaranteed return stream." (pragcap.com)
- Three steps to overcome a fear of failure in trading. (traderfeed.blogspot.com)
Crypto
Finance
Robo-advice
- Who is willing to pay for robo-advice? (klementoninvesting.substack.com)
- Betterment is reversing the game by now pushing into banking. (thebasispoint.com)
Fund management
- JP Morgan Asset Management is the first foreign firm to take a controlling 51% stake in a mainland China-based fund management company. (pionline.com)
- If you can't have an analysts on site, new research providers are the next best thing. (msn.com)
- Five myths about ETFs debunked. (vanguardblog.com)
Global
- Tyler Cowen, "Most German citizens who complain about negative interest rates probably don’t have a deep understanding of macroeconomics. But they do have a pretty good intuition of when something isn’t right. In this case, they are onto something." (finance.yahoo.com)
- Central bankers are trying to fix four big problems with lower interest rates that can't be fixed with lower interest rates. (blog.yardeni.com)
Biases
- What is behind our irrational hatred of taxes? (behavioralscientist.org)
- People would rather lose their job to a robot than another human being. (newscientist.com)
- Add another book to the behavioral ouevre, "The Intelligence Trap: Why Smart People Make Dumb Mistakes" by David Robson. (wsj.com)
Earlier on Abnormal Returns
- Research links: three decades of economic growth. (abnormalreturns.com)
- Aim to buy more time, not more stuff. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: professional advisers. (abnormalreturns.com)
- Monthly ESG links: the heavy lifting. (abnormalreturns.com)
