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Quote of the Day
"The 60/40 portfolio will assuredly have lower returns over the next 40 years than it had over the last 40 years. That’s simple math based on starting yields for bonds."
(Ben Carlson)
Markets
- The Nasdaq fever has broken. (sentimentrader.com)
- Why is the P/E Ratio so darned high? (crossingwallstreet.com)
- You want volatility? Look at Tesla ($TSLA). (priceactionlab.com)
Strategy
- What explains the poor relative performance of developed international stocks over the past decade? (morningstar.com)
- There really is no perfect alternative to bonds in a diversified portfolio. (capitalspectator.com)
- Just because you are a billionaire doesn't mean you know how to trade stocks. (marketwatch.com)
Autos
- Car sales are down, but prices are higher. (wsj.com)
- Which is driving used car demand. (nytimes.com)
- Why Uber's ($UBER) pledge to go all-electric rings hollow. (wired.com)
Berkshire Hathaway
- Why is Berkshire Hathaway ($BRK.A) buying a stake in Snowflake? (om.co)
- Why this move is so surprising. (markets.businessinsider.com)
Hedge funds
- If hedge funds can't make money in 2020, what good are they? (ft.com)
- Citigroup's ($C) battle with hedge funds over a botched payment is only getting worse. (wsj.com)
Funds
- Super-low interest rates are wreaking havoc with the money market fund business. (finance.yahoo.com)
- Why you are likely to see more actively managed ETFs launch. (wsj.com)
Global
Covid-19
- College towns are the new hotspots. (nytimes.com)
- Universities were not prepared for the logistical challenge of quarantining so many students. (nytimes.com)
- What did college presidents think was going to happen? (theatlantic.com)
- Even at universities with strict testing regimes the coronavirus is still spreading. (washingtonpost.com)
- Why sending college kids home early is a bad idea. (wsj.com)
Economy
- Small businesses are becoming more pessimistic. (axios.com)
- Other surveys show a desire to hire. (disciplinedinvesting.blogspot.com)
Earlier on Abnormal Returns
- Personal finance links: behavioral biases. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: long-term capital impairment. (abnormalreturns.com)
- Part two of my Q&A with Morgan Housel author of the new book "The Psychology of Money." (abnormalreturns.com)
- Part one of my Q&A with Morgan Housel author of the new book "The Psychology of Money." (abnormalreturns.com)
- Every Friday I send out five links for advisers to help them think a little differently about the world. Sign up now! (newsletter.abnormalreturns.com)
