Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at how Sharpe ratios are used and abused in the real world.

Quote of the Day

"Many investors and market observers still unfortunately conflate value investing with the value factor. Value investing is buying something for less than it is worth. The value factor is an ersatz measure of gaps between price and value. Worse, the relevance of the value factor is fading."

(Michael Mauboussin)

Chart of the Day

The U.S. is an outlier when it comes to the value of analyst recommendations.