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Quote of the Day
“There is an inherent tension in institutional investing...A critical mass of assets is necessary to attract and maintain sufficient resources to be able to identify superior investment ideas. But exceptional investments are both scarce and capacity-constrained.”
(Michael Rosen, CIO at Angeles Investment Advisors)
Chart of the Day

Public pension funds are holding more of their assets in equities and alternatives.
Markets
- How price-only charts can be misleading. (ritholtz.com)
- More evidence showing that buying new all-time highs is a pretty good strategy. (allocatesmartly.com)
- Earnings tend to be better than average in Presidential election years. (sl-advisors.com)
Strategy
- Enough with the headlines: Pundit X says the election of Candidate Y will tank the stock market by Z%! (fortune.com)
- The virtuous investor lives to fight another day. (klementoninvesting.substack.com)
Fama and Booth
- Here is the video of Eugene Fama and David Booth on Masters in Business Live. (twitter.com)
- 14 things learned from this talk with Eugene Fama and David Booth. (evidenceinvestor.com)
Crypto
Funds
- It's not a zero-fee fund war, it's a fundamental restructuring of the business. (institutionalinvestor.com)
- Morningstar's new fund rating methodology is downgrading high-fee funds. (citywireusa.com)
- The price of data keeps going up. (rcmalternatives.com)
Global
- How much is Saudi Aramco worth at its IPO? It all depends on how you measure it. (wsj.com)
- Emerging market equities are not as cheap as they appear on first glance. (ftalphaville.ft.com)
Data
- Companies are collecting all manner of data on you. How much should you care? (bonefidewealth.com)
- Companies have a customer risk score that is different and separate from your credit risk. (nytimes.com)
- Think you are browsing anonymously? More sites are digitally fingerprinting you. (washingtonpost.com)
Economy
Earlier on Abnormal Returns
- Personal finance links: comparing ourselves to others. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: holding through the bad times. (abnormalreturns.com)
- Moving forward in your own skin. (abnormalreturns.com)
Mixed media
- Cal Newport, "If like many digital knowledge workers, you’re exhausted by endless work and flooded inboxes, the good news is that better and more sustainable ways of producing valuable output with your brain might be coming..." (nytimes.com)
- Why it makes sense that cutting hours would increase productivity. (finance.yahoo.com)
- Why contiguous time on a task is so powerful. (m.signalvnoise.com)