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Quote of the day
“The Beanie Bubble ended as most bubbles tend to. Cratering prices bought a wave of supply online from collectors who had stocked up on inventory, expecting it to appreciate in value. This triggered further price falls, and more inventory liquidation.” – Jamie Powell
Chart of the day
Index fund managers don’t buck management very often when it comes to proxy voting. (Reuters)
Markets
- Does the stock market give a flip about impeachment? (awealthofcommonsense.com)
- When your 'alternative investment' runs out of water. (afr.com)
FinTwit
- How Financial Twitter became a thing. (theirrelevantinvestor.com)
- Some alternative investment folks to follow on Twitter. (rcmalternatives.com)
Crypto
- A new Bitcoin futures contract launches, another Bitcoin slump ensues. (wsj.com)
- A Bitcoin ETF is so close you can taste it. (cnbc.com)
Pension funds
- Pension plans have not used the past decade to get their funding ratios higher. (klementoninvesting.substack.com)
- Why GE ($GE) froze its pension fund. (fa-mag.com)
Finance
- What kind of jobs do current CFA holders currently possess? (300hours.com)
- Now even big bond trades are going oniline. (wsj.com)
Brokerage
- Robinhood's cash management service has launched. (techcrunch.com)
- How 'cheap' and 'free' differ when it comes to trading stocks. (peterlazaroff.com)
Funds
- Joel Greenblatt, “Warren Buffett says most people should index, and I agree with him. But Warren Buffett doesn’t index, and neither do I.” (wsj.com)
- For investors, economies of scale don't seem all that obvious. (morningstar.com)
- Why you will see more active, non-transparent ETF structures. (ft.com)
Global
- These are the world's biggest reserve currencies. (visualcapitalist.com)
- Why should the NBA operate differently than any other business? (marginalrevolution.com)
Economy
- Small business optimism declined in September. (calculatedriskblog.com)
- Have warnings about a potential recession blunted its impact? (marketwatch.com)
Earlier on Abnormal Returns
- Research links: founder power. (abnormalreturns.com)
- It's funny how things work out, sometimes. (abnormalreturns.com)
- Minor miracles do happen: why you shouldn't take for granted the continued success of Financial Twitter. (abnormalreturns.com)
- In today's Market Moment, some lessons learned from the wicked intraday volatility seen on October 8th, 2008. (shows.pippa.io)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: adviser tilts. (abnormalreturns.com)
Mixed media
- Nick Maggiulli, "Almost all millionaires are hard-working, but every billionaire is lucky." (ofdollarsanddata.com)
- Brooke Masters, "Rather than fostering solidarity, symbolic cost-cutting all too often translates into something far more divisive: employees feel the pain while executives and managers reap the profits." (ft.com)
- Lydia Dishman, "Self-control is as underrated as authenticity is overrated." (fastcompany.com)
- Chris Voss, "The most dangerous negotiation is the one you don’t know you’re in." (blog.blackswanltd.com)
