Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at what momentum investors need to get comfortable with.
Quote of the Day
"The generally poor investor experience for people buying into thematic funds underscores a boring but wise lesson: Investing isn’t supposed to be exciting."
(Amy C. Arnott)
Chart of the Day

Why have Tuesdays been so much better than Thursdays for the stock market?
Institutional management
- Richard Ennis thinks institutional investors are doing it all wrong. (papers.ssrn.com)
- What does it mean to build a truly diverse investing team? (klementoninvesting.substack.com)
Track records
- Things to keep in mind when viewing any presentation of investment performance. (occaminvesting.co.uk)
- How to use factors to help analyze the returns of a manager with a short-term track record. (insights.factorresearch.com)
Research
- The belief that higher economic growth should lead to better stock market performance has plagued emerging markets for years. (morningstar.com)
- Activist investors like to focus on companies that have already attracted the attention of short-sellers. (institutionalinvestor.com)
- The 4% withdrawal rule does not work across countries. (papers.ssrn.com)
- A round-up of some recent Bitcoin-related research. (capitalspectator.com)