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Quote of the Day
"Don’t mine for gold where everyone else is mining for gold—sell shovels instead."
(Ramp Captal)
Markets
- Low vol and momentum have been the two best performing factors in 2019. (capitalspectator.com)
- "Everybody indexing" is a theoretical concern. (morningstar.com)
Companies
- Apple ($AAPL) is all about keeping you in the ecosystem. (axios.com)
- The downside of Apple ($AAPL) App Store success: Apple may copy you. (washingtonpost.com)
Finance
- In practice, IPO investors focus on revenue growth, not profits. (barrons.com)
- Bill Ackman-managed Pershing Square Holdings still trades a huge discount to NAV. (bloomberg.com)
Funds
- Why competing against Vanguard is so difficult. (morningstar.com)
- The ETF tempts investors to trade something they never should. (epsilontheory.com)
- Don't discount the transformative effect mutual funds and ETFs have had. (vanguardblog.com)
Housing
Economy
- The August NFP report showed slowing jobs growth. (calculatedriskblog.com)
- The risk of a 2020 recession is rising. (fat-pitch.blogspot.com)
Earlier on Abnormal Returns
- Podcast links: hardcore listeners. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: gradual growth. (abnormalreturns.com)
- In the future every asset will be tradeable, even sports teams. (abnormalreturns.com)
- Monthly ESG links: understanding risks. (abnormalreturns.com)
Mixed media
- The best way to consume information is through books that have stood the test of time. (ofdollarsanddata.com)
- Design matters: the case of food expiration dates. (fastcompany.com)
- Admitting you are wrong is difficult, but necessary. (pointsandfigures.com)
- The most effective misinformation has a seed of truth to it. (scientificamerican.com)