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Quote of the Day
"Stocks don't talk; they can't explain why their prices change. Perhaps the demographic hypothesis will prove true. If so, that's for The Lord to determine. We mere mortals are best served by ignoring the discussion."
(John Rekenthaler)
Strategy
- Market pundits love to call for market crashes and there is a ready audience for it. (awealthofcommonsense.com)
- For the greatest investors of all-time, how much of their results are a function of luck and skill? (theirrelevantinvestor.com)
Behavior
- Daniel Crosby, "Every hour of every day, our decisions are impacted by a host of externalities that we seldom consider, choosing to believe in the myth that we are wholly control of our own choices." (blog.brinkercapital.com)
- The markets can be a 'wicked' learning environment. (mrzepczynski.blogspot.com)
- Overconfidence is the bane of investors. (evidenceinvestor.com)
- How repetition get us to overweight forecasts. (klementoninvesting.substack.com)
Companies
- People love their Apple ($AAPL) AirPods. (businessinsider.com)
- Blackstone ($BX) is now out of the single-family home rental business. (wsj.com)
Funds
- The wave of hedge fund retirements is a sign that stock-picking is in secular decline. (ft.com)
- Seven arguments against index investing that don't hold up under scrutiny. (morningstar.com)
Books
- The 50 best nonfiction books of the past 25 years including "The Sixth Extinction: An Unnatural History" by Elizabeth Kolbert. (slate.com)
- The ten best books of 2019 including "Midnight in Chernobyl" by Adam Higginbotham. (nytimes.com)
- A bunch of best of 2019 book lists. (ft.com)
Earlier on Abnormal Returns
- Podcast links: cautionary tales. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: board conflicts. (abnormalreturns.com)
Mixed media
- Working professionals don't have an off-season. (awealthofcommonsense.com)
- Seven leadership lessons learned including: "Stop doing what you are good at." (m.signalvnoise.com)
- The grind-it-out work culture is taking a toll on family life. (fatherly.com)
- Is your job more like golf or surfing? (seths.blog)
