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Quote of the Day
"Complexity gives a comforting impression of control, while simplicity is hard to distinguish from cluelessness."
(Morgan Housel)
Markets
Strategy
- Your investment time horizon may be shorter than you think. (behaviouralinvestment.com)
- On the prospects for the 60/40 portfolio. (zerohedge.com)
- Why IPOs underperform after the first day. (thefinancialbodyguard.com)
WeWork
- Fred Wilson, "Probably the biggest change I have seen in my 30+ years in VC is the huge amounts of capital that are available to “big ideas” like WeWork, Uber, Bird, etc" (avc.com)
- The WeWork IPO is the poster child for a world of unlimited capital. (stratechery.com)
- Is WeWork really the "AWS for real estate"? (valueandopportunity.com)
- WeWork isn't a tech company. (hbr.org)
Retail
- The Target ($TGT) turnaround is on track. (fortune.com)
- Amazon ($AMZN) just opened its biggest facility in India. (msn.com)
- Wal-Mart ($WMT) has a beef with Tesla's ($TSLA) solar panels. (nytimes.com)
- The deluge of promo codes is not exactly great for retailers. (nytimes.com)
Funds
- Jeff Ptak, "The burden of proof in active investing rests with the managers." (morningstar.com)
- Fidelity says the number of 401(k) millionaires hit a new record. (fa-mag.com)
Alternatives
- How subscription lines of credit are distorting private equity fund returns. (institutionalinvestor.com)
- CalPERS shifted around 40% of its portfolio in the last year. (pionline.com)
Recessions
- Recessions are as much about mood as anything. (economist.com)
- Economists aren't very good at predicting recessions. (fivethirtyeight.com)
- These portfolios have performed best during market downturns. (portfoliocharts.com)
Economy
- Truck tonnage is still trending higher. (calculatedriskblog.com)
- If we go into a recession, falling business investment will be a feature. (finance.yahoo.com)
- Why a refi boom won't do much for the US economy. (barrons.com)
- No matter how you slice it, corn and soybeans are going to have a disappointing harvest. (wsj.com)
- Is the US turning Japanese? (awealthofcommonsense.com)
Earlier on Abnormal Returns
- Personal finance links: spending preferences. (abnormalreturns.com)
- I recently spoke with Kevin (@ferventfinance) about hist post “It’s Okay to Like Your Paycheck” and the benefits of a regular paycheck in a world obsessed with outsized success. (abnormalreturns.com)
- What you missed in our Tuesday links. (abnormalreturns.com)
- Research links: insurance payments. (abnormalreturns.com)
- Overcoming inertia and the default effect. (abnormalreturns.com)
- Talking the investment blogosphere on the Money Life with Chuck Jaffe. (abnormalreturns.com)
- Shifting the economic growth curve down: the demographics edition. (abnormalreturns.com)
