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Quote of the Day
"We have to invest in the markets as they are, not as we wish them to be. That means becoming comfortable with the fact that markets will always feel like they’re rigged, manipulated and broken."
(Ben Carlson)
Rates
- Demand has pushed muni bond yields to levels not seen since the 1950s. (ft.com)
- A look at just how much yields have moved. (themacrotourist.com)
Strategy
- Michael Batnick, "If you are feeling extremely nervous after the last two days, you’re probably taking too much risk." (theirrelevantinvestor.com)
- Why individuals can pass on endowment-style investing. (evidenceinvestor.com)
- A nice review of Ben Carlson's new book "A Short History of Financial Scams." (thefinancialbodyguard.com)
Coronavirus
- Jonathan Clements, "No matter how much you fret over these issues [coronavirus], you will not come up with answers that will help you make more sensible investment decisions." (humbledollar.com)
- Why you're likely to get the coronavirus. (theatlantic.com)
- Economists are not epidemiologists. (vanguardblog.com)
- Some thoughts on coronavirus. (avc.com)
Behavior
- We are inveterate herders. (rpseawright.wordpress.com)
- How to take emotional momentum and redirect it in a productive fashion. (dpegan.com)
- Why primacy and recency effects matter. (mrzepczynski.blogspot.com)
- How the 'cognitive triangle' can be applied to behavioral finance. (eightfatswine.com)
Companies
- One of the best-performing industries since the housing crisis has been mobile-home park owners. (wsj.com)
- Companies are going to use the coronavirus to reset earnings expectations. (thereformedbroker.com)
- Amazon ($AMZN) is rolling out its cashierless "Go" technology in full-size grocery store. (wsj.com)
Finance
- Fintech is on fire. (howardlindzon.com)
- Revolut just raised another $500 million in capital. (techcrunch.com)
Institutional investing
- Blackrock's ($BLK) Aladdin risk management platform covers tens of trillions of assets. When does it get too big for regulators to ignore? (ft.com)
- Does Vanguard's entry into private equity imply a change in fees? (morningstar.com)
- Help wanted: someone to run Norway's $1.2 trillion sovereign wealth fund. (ft.com)
- Private equity is not getting it done on the operational improvement front. (ftalphaville.ft.com)
Fund management
- Charles Schwab ($SCHW) is not done acquiring. Now Wasmer, Schroeder & Co. a fixed income manager. (msn.com)
- Should index funds be illegal? (ritholtz.com)
- A profile of Meb Faber-led Cambria Investments. (citywireusa.com)
Global
- The UK is now toting up the costs of Brexit for businesses. (nytimes.com)
- Life expectancy has stalled out in the UK. (ft.com)
- Brazil has a public urination problem. (washingtonpost.com)
Economy
- The risks of a recession have increased, per a term spread model. (econbrowser.com)
- The December Case/Shiller numbers showed a 3.8% increase in home prices. (calculatedriskblog.com)
- Austin and Nashville rank as the top US job markets. (wsj.com)
Earlier on Abnormal Returns
- Research links: investing now. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: talking over consumers. (abnormalreturns.com)
