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Quote of the day
“The future is always fuzzy. Like horseshoes and hand grenades, you only have to be close. Get in the ZIP Code where the wind’s blowing, and watch things fly.” – Andy Kessler
Chart of the day
Another pretty good year for the S&P 500 YTD (JP Morgan via TBP)
Strategy
- Nearly zero interest rates make for some challenging portfolio decisions. (awealthofcommonsense.com)
- A lot of investment success is just luck. (mrzepczynski.blogspot.com)
WeWork
- One of the reasons the WeWork deal got pulled is that its S-1 was a hot mess. (wsj.com)
- WeWork landlords are getting nervous and making contingency plans. (ft.com)
Direct listings
- Bill Gurley is pushing hard on the direct listing theme. (cnbc.com)
- Goldman Sachs ($GS) and Morgan Stanley ($MS) want to make sure they play a role in the direct listing process. (bloomberg.com)
Zero commissions
- Where will brokers focus now that commissions are effectively $0? (wsj.com)
- Why Schwab ($SCHW) could lower comissions to $0. (barrons.com)
- What the online brokers are going to have to do to thrive in a zero-commission world. (pointsandfigures.com)
Funds
- Mutual funds still have on the order of 4x the AUM as ETFs in the US. (wsj.com)
- Zero-fee ETNs are now a thing. (etf.com)
- ETF uptake in Europe among retail customers has been slower than in the US. (ft.com)
- China and Japan have launched feeder ETFs to make cross-border investment easier and cheaper. (ft.com)
- Why can't active managers outperform emerging market bond indices? (institutionalinvestor.com)
Economy
- Why the Fed will err on the side of another rate cut. (finance.yahoo.com)
- Something interesting is happening in the US labor market. (theatlantic.com)
- Telecommuters, on average, make more money. (finance.yahoo.com)
Earlier on Abnormal Returns
- Adviser links: adviser tilts. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
