Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at how fund companies switch benchmarks to make performance look better.

Quote of the Day

"For investors with long investment horizons and a willingness to tolerate uncomfortable portfolio rebalancing trades, smart beta strategies can help achieve investment objectives. Sadly, mislabelled fund names and the lack of an aligned definition around these strategies mislead and obscure."

(Rob Arnott)

Chart of the Day

Venture-backed startup valuations are on the rise.