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Quote of the Day
"This passive boom has spawned its antithesis—niche, run by humans, secretive, thinly traded and high-fee. Institutional investors are rushing headlong into private markets, especially into venture capital, private equity and private debt."
(The Economist)
Markets
- Get ready for another wave of yield curve inversion talk. (thereformedbroker.com)
- The Sahm indicator isn't going to get you out of the stock market ahead of a recession. (klementoninvesting.substack.com)
Strategy
- If the value premium has disappeared, what about junk bonds? (finance.yahoo.com)
- Brett Steenbarger, "What motivates a successful trader is what motivates success throughout life. Success follows from consistently being the person we already are when we're at our best." (traderfeed.blogspot.com)
- Checking in on what is left of the investment newsletter business. (nytimes.com)
Goldman Sachs
- How Goldman Sachs ($GS) plans to increase its profit margins to the "mid teens." (ft.com)
- Goldman Sachs ($GS) is betting on a 'new reality.' (economist.com)
- What do Goldman and Deutsche Bank have in common? (bloomberg.com)
- United Capital is changing its name to Goldman Sachs Financial Management. (wealthmanagement.com)
- Why publish a chart without a y-axis? (ftalphaville.ft.com)
Sports gambling
- 2020 is going to be another big year in sports betting in the US. (axios.com)
- The deal for Barstool Sports is all about customer acquisition. (wsj.com)
Economy
- U.S. GDP growth slowed in 2019 to 2.3%. (npr.org)
- Weekly initial unemployment claims are hanging around historically low levels. (calculatedriskblog.com)
- Can the Fed effectively manipulate the yield curve? (economist.com)
Earlier on Abnormal Returns
- Startup links: engendering trust. (abnormalreturns.com)
- Part one of a Q&A with Ben Carlson, author of “Don’t Fall For It: A Short History of Financial Scams.” (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: distilled effort. (abnormalreturns.com)
- Nobody wants your sh*t. (abnormalreturns.com)
- We may now need to add another entry to the pantheon of financial innovation: target-date funds. (abnormalreturns.com)
- How upping your saving rate when you get a raise (or bonus) can help you sidestep lifestyle creep, avoid numerous decisions and help you save for retirement. (abnormalreturns.com)
