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Quote of the Day
"Investors often want (1) what they want plus (2) a label that validates what they want, that tells them that what they want is a good thing to want."
(Matt Levine)
Chart of the Day
For what its worth, the S&P 500 just hit 3,100 for the first time in history.
Markets
- What has historically happened after stocks were up big through Q3. (awealthofcommonsense.com)
- Why do you think you can use economic data to make market forecasts? (evidenceinvestor.com)
Strategy
- Drew Dickson, "Behavioral finance is finance." (albertbridgecapital.com)
- Dave Nadig, "Bonds are weird, and bond investing is even weirder." (etf.com)
- Comparing a bunch of asset allocation 'rules of thumb.' (monevator.com)
- Six big lessons for individual investors from Gregory Zuckerman's new book "The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution." (marketwatch.com)
Private equity
- Today's private equity industry is a far cry from its heyday in the 1980s and 90s. (ftalphaville.ft.com)
- How much demand for private equity is simply performance chasing? (bnnbloomberg.ca)
- How much of demand for PE is just a response to low expected returns? (mrzepczynski.blogspot.com)
Fund management
- Vanguard has won by avoiding the 'loser's game.' (morningstar.com)
- The issue of common ownership is bubbling up in Washington. (wsj.com)
- BDC manager Owl Rock Capital Group just sold a stake to Dyal Capital Partners. (wsj.com)
- Which ETF issuers have a tendency to close their funds more often? (marketwatch.com)
China
- Alibaba ($BABA) has spent a lot to built out is logistics network. (ft.com)
- Chinese convertible bonds often have the ability to reset the conversion price. (ft.com)
- Tencent should spin off its finance unit. (finance.yahoo.com)
Global
- English truly is the international language of business. (ft.com)
- "Fueled by a mix of national pride and fear of missing out, Saudi citizens are getting ready to shell out to be part of the oil giant’s initial public offering, which promises to be the largest ever." (wsj.com)
- The Toronto real estate market is on fire. (ft.com)
Economy
Earlier on Abnormal Returns
- Research links: measuring drawdown risk. (abnormalreturns.com)
- In today's Market Moment I look at what Tim Berners-Lee proposal in 1990 for something called the World Wide Web has meant for us all. (shows.pippa.io)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: vetting funds. (abnormalreturns.com)
- Our world is always changing, but most of the time we don’t notice. (abnormalreturns.com)
