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Quote of the Day
"High expectations, lots of leverage, plenty of competition (among both promoters and investors), rich valuations, and, of course, scant liquidity—put it all together and you have what posterity might judge to be the very asset class you should have stayed away from."
(James Grant)
Chart of the Day
“Natural gas is increasing its share of the world’s power generation, providing access to cheap energy and lowering emissions. It’s just not clear that the early, smaller E&P companies will survive to benefit.”
Strategy
- The problem with using market valuation metrics is that they are always in flux. (humbledollar.com)
- These are the traits of the worst investors. (awealthofcommonsense.com)
- How not to demonstrate stock performance over time. (ftalphaville.ft.com)
Crypto
Streaming
- The great streaming video wars are now in full force. (wsj.com)
- Winning means different things for the streaming players. (fastcompany.com)
Finance
- JP Morgan Chase ($JPM) is leading the way in offload mortgage risk via credit-risk transfers. (wsj.com)
- WeWork is trying to 'scale back and stabilize.' (news.crunchbase.com)
Funds
- A look at five big trends in asset management, including the rise of target-date funds. (awealthofcommonsense.com)
- The five worst habits of the investment industry. (realreturns.blog)
Data privacy
- Companies are collecting all manner of data on you. How much should you care? (bonefidewealth.com)
- Think you are browsing anonymously? More sites are digitally fingerprinting you. (washingtonpost.com)
- Companies have a customer risk score that is different and separate from your credit risk. (nytimes.com)
Global
- Earnings management has come to the emerging markets. (wsj.com)
- Norway is still finding new oil in the North Sea. (blogs.platts.com)
- Alibaba ($BABA) is going to looking to raise money in Hong Kong. (wsj.com)
Policy
- Why wealth taxes are ultimately self-defeating. (nytimes.com)
- Given its importance, the federal government spends shockingly little on nutrition science. (politico.com)
- Why is Saudi money in technology not just tolerated but sought out? (nytimes.com)
- Why are Mississippi and Alabama going in different economic directions? (washingtonpost.com)
Economy
- What are we to make of the normalizing of the yield curve? (nytimes.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in Saturday's linkfest. (abnormalreturns.com)
- Longform links: attractive anti-heroes. (abnormalreturns.com)
