Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at why you can’t profitably exploit the overnight anomaly.

Quote of the Day

"So if you are old enough to remember the 1987 Crash, memory will serve you well as you judge what kind of risk is appropriate. If you aren’t old enough, then you need to pay especially close attention to the academic studies which conclude that another crash is someday inevitable."

(Mark Hulbert)

Chart of the Day

Carry, as a factor, has been a disappointment over the past decade.