Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at whether there is a fundamental reason for value’s underperformance.
Quote of the Day
"However, being as objective as I can be, there is little doubt that toward the end of his life, Graham was suggesting a more automatic, diversified, even lazy approach to investing."(Drew Dickson)
Chart of the Day
What an adjusted CAPE ratio shows today.
- Selective memory plays a role in investor overconfidence. (arstechnica.com)
- Music as a real-time measure of sentiment. (sciencedirect.com)
- The evidence is pretty clear that the vast majority of stocks underperform T-bills. (evidenceinvestor.com)
- The 1980s were a terrible time for beta. (blogs.cfainstitute.org)
- Good luck trying to time factor returns. (alphaarchitect.com)
- How do factor returns breakdown turning the trading day vs. overnight? (klementoninvesting.substack.com)
- The popularity of ETFs are leading to increased concentration in the fixed income markets. (blogs.cfainstitute.org)
- Why the returns to infrastructure funds will likely decline over time. (caia.org)
- Fund fees matter, period. (alphaarchitect.com)