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Quote of the Day
"Fundamentals matter. Narratives matter. DCFs don’t help with either, and can lead us astray in our pursuit of the truth - or at least the truth in all of our time horizons."
(Drew Dickson)
Markets
- 7 of 10 S&P 500 industry sectors yield more than the 10-year US Treasury. (wsj.com)
- Investors are reluctantly becoming used to negative bond yields. (ft.com)
- Greece is the best performing stock market in Europe YTD. (wsj.com)
Strategy
- It's not the Fed's job to provide adequate returns to savers. (theirrelevantinvestor.com)
- Why it's easy to fool yourself into thinking you are smarter than the market. (ofdollarsanddata.com)
- Are bonds enough of a portfolio diversifier? (monevator.com)
- On the importance of surrounding yourself with people who think differently than you. (etf.com)
Companies
- Big Tech is playing the patriotism card. (nytimes.com)
- Softbank wants to build closer ties between its portfolio companies. (ft.com)
- Is a combined Viacom-CBS big enough to compete with the big boys? (vox.com)
- There are more than a billion iPhones. This is the Apple Card target. (ft.com)
- How does a debacle like Tumblr happen? (ftalphaville.ft.com)
Brokers and exchanges
- The publicly traded broker stocks are not doing well. (howardlindzon.com)
- While the shares of CME Group ($CME) and Intercontinental Exchange ($ICE) are near record highs. (ft.com)
- Four lessons from the LSE purchase of Refinitiv. (allaboutalpha.com)
Finance
- How rappers came to love Cash App. (wsj.com)
- Postmates is planning to come public. (news.crunchbase.com)
Funds
- Och-Ziff Capital Management ($OZM) is getting a rebrand. (institutionalinvestor.com)
- A case study in poor endowment fund management. (institutionalinvestor.com)
Economy
- Small businesses are still having a problem finding qualified workers. (calculatedriskblog.com)
- "Wealth work" falls into two basic categories. (theatlantic.com)
- Jackson Hole, Wyoming is the most unequal town in America. (businessinsider.com)
Earlier on Abnormal Returns
- Research links: low beta redundancies. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: fixing beneficiary designations. (abnormalreturns.com)
