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Quote of the Day
"(I)ncome from investments is not, in itself, a useful goal. Rather, it’s total return that matters, because capital appreciation can be used to fund living expenses just as well as income can.
(Mike Piper)
Chart of the Day
Low volatility has underperformed of late, but has a strong long-term record. (chart via @koyfin)
Strategy
- How to evaluate smart beta ETFs. (factorresearch.com)
- Five ways to think about smart beta. (wsj.com)
- Factor investing is fine given some caveats. (humbledollar.com)
Crypto
Finance
- All that PE dry powder can't get put to work all at once. (awealthofcommonsense.com)
- Some questions to ask yourself before you take that high-paying job in investment banking. (awealthofcommonsense.com)
Fund management
- Some research showing traditional active fixed income managers don't generate much in the way of true alpha. (institutionalinvestor.com)
- The index provider business is ripe for disruption. (institutionalinvestor.com)
Global
- Using no-interest microloans, Ant Financial Services Group has become one of China’s largest providers of personal credit lines. (wsj.com)
- How the Vanguard Personal Pension plans to upend things in the UK in 20 (monevator.com)
Paul Volcker
- Paul Volcker, former Fed Chairman, has died at age 92. (nytimes.com)
- Paul Volcker was the first rock star central banker. (finance.yahoo.com)
- It's hard to imagine a Paul Volcker rising to the top in today's climate. (klementoninvesting.substack.com)
Economy
- The Fed needs to keep an eye on low unemployment. (ft.com)
- Nobody predicted today's jobs market. (nytimes.com)
- These five cities dominate when it comes to innovation jobs growth. (nytimes.com)
- Even in rural Texas population is shrinking. (theamericanconservative.com)
Earlier on Abnormal Returns
- Adviser links: expanding services. (abnormalreturns.com)
- Brands are not your friends. (abnormalreturns.com)
- Time arbitrage and the art of reading a book. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
Mixed media
- Cal Newport, "Use your smartphone only for the following activities: calls, text messages, maps, and audio (songs/podcasts/books)." (calnewport.com)
- Shane Parrish, "The irony is that those who know how to make tradeoffs can get so much more out of life than those who try to get everything." (fs.blog)
- Seth Godin, "When in doubt, go outside. Especially when it’s inconvenient." (seths.blog)
