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Quote of the Day
"No, there are not significant performance benefits to equity indexing above and beyond its usual (but not inevitable) cost advantage."
(John Rekenthaler)
Markets
- Long technology, short energy was a killer trade in 2019. (capitalspectator.com)
- On the benefits of tuning out the noise. (allstarcharts.com)
The Man Who Solved the Market
- Gregory Zuckerman's "The Man Who Solved The Market" is highly recommended. (marketfolly.com)
- Gregory Zuckerman's "The Man Who Solved The Market" is a "compelling read." (economist.com)
WeWork
- Aswath Damodaran, "WeWork may have been Masa Son’s mistake, but the vehicle that he used to make the investment was Softbank, through the company and its Vision fund." (aswathdamodaran.blogspot.com)
- You can't have WeWork without a broader Unicorn bubble. (allaboutalpha.com)
Amazon
- Amazon ($AMZN) has heavily recruited Chinese manufacturers to its platform to very mixed results. (wsj.com)
- Amazon ($AMZN) has a big counterfeit goods problem. (washingtonpost.com)
- How the tiny town of Roundup, Montana, became a hub in Amazon’s ($AMZN) supply chain. (theverge.com)
Apple
- Steve Jobs was right: the iPad and iPhone are killing PCs. (nytimes.com)
- The new Apple ($AAPL) Macbook Pro shows the company's new approach to design. (macworld.com)
- The Apple Research app is a key part to its health push. (fastcompany.com)
- The new Apple ($AAPL) AirPod Pros are "amazing." (500ish.com)
ETFs
- The big mutual fund companies are lining up SEC approval to launch active, non-transparent ETFs. (wsj.com)
- The debate over ETFs vs. direct indexing is heating up. (bnnbloomberg.ca)
Global
Economy
Earlier on Abnormal Returns
- Podcast links: the impeachment pod boom. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: saying no to things. (abnormalreturns.com)
- The job of a financial advisor is to help you navigate life's big, non-reversible decisions. (abnormalreturns.com)
- Our world is always changing, but most of the time we don’t notice. (abnormalreturns.com)
Mixed media
- Seth Godin, "Life without limits rarely leads to satisfaction. And billionaires who pay taxes aren’t less driven or less happy than billionaires who don’t." (seths.blog)
- Raise your hand if you are sick of everything in the media that is 'Billionaire' related. (ftalphaville.ft.com)
- Tim Mullooly, "We might not be able to physically un-see or un-hear the accomplishments and lifestyles of those around us, but we can mentally choose to listen to them and act on them." (livingwithmoney.com)
