Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at the ‘bad luck’ that has befallen the value factor.

Quote of the Day

"The performance of Renaissance Technologies’ Medallion fund provides the ultimate counterexample to the hypothesis of market efficiency. To date, there is no adequate rational market explanation for this performance."

(Brad Cornell)

Chart of the Day

How quickly does portfolio diversification come about?