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Quote of the Day
"So, the bottom line is, as measured by real bond yield, U.S. Treasury bonds are really frickin’ expensive."
(Cliff Asness)
Chart of the Day

Bond yields are tracking along with decelerating manufacturing growth.
Yield curve inversion
- Eddy Elfenbein, "A 2/10 inversion is not a good thing, but it’s not exactly a tripwire." (crossingwallstreet.com)
- How young investors should think about the yield curve inversion. (thereformedbroker.com)
Markets
- 40 years ago Businessweek ran its infamous "Death of Equities" issue. (ritholtz.com)
- The world is not as bad as you think. (retirementfieldguide.com)
Strategy
- Why our brains yearn for coherent narrative when it comes to the markets. (behaviouralinvestment.com)
- What we can learn from financial history with Jamie Catherwood. (blog.validea.com)
- 22 rules of the virtuous investor. (klementoninvesting.substack.com)
WeWork
- The WeWork S-1 is finally here. (axios.com)
- WeWork by the numbers. (news.crunchbase.com)
- Some quick WeWork observations. (ftalphaville.ft.com)
Berkshire Hathaway
- Berkshire Hathaway ($BRK.B) is as cheap as it has been in awhile. (morningstar.com)
- Berkshire Hathaway ($BRK.B) holds over $100 billion of shares in US banks. (wsj.com)
Viacom-CBS
- The Viacom-CBS deal was a long time coming. (wsj.com)
- The Viacom-CBS deal has a 40:60 ownership split. (nytimes.com)
Retail
- Facebook ($FB) has turned Instagram into your personal shopper. (theirrelevantinvestor.com)
- How Funk Pop ($FNKO) became a nearly billion dollar business. (vox.com)
Finance
Funds
- Nate Geraci, "The bottom line is that ETF prices are only as good as the prices on underlying securities." (theetfeducator.com)
- It's hard to argue that REITs are much of an alternative. (morningstar.com)
Global
Economy
- The mortgage delinquency rate is at its lowest level in two decades. (corelogic.com)
- How a new Fed payments system could shake up banking as we know it. (ft.com)
Earlier on Abnormal Returns
- Personal finance links: it just doesn't matter. (abnormalreturns.com)
- Why legacy brands are like Ben Graham's proverbial cigar butts. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: low beta redundancies. (abnormalreturns.com)