Quote of the Day
"Typically, secular bull and bear markets are best identified after the fact – something that allows precision but is useless for investors."
(Barry Ritholtz)
Chart of the Day
Apple ($AAPL) dominates the S&P 500 like no other company since 1980.
Strategy
- Ben Carlson, "Here’s a little secret about investing the pros will never admit — you don’t have to predict the future to be successful in the markets." (awealthofcommonsense.com)
- Don Phillips, "When investors are pushed into activities they don’t fully understand, that are untested, or that exceed their risk capacities, very bad things follow." (morningstar.com)
- Four lessons learned about investing from poker including 'There’s always another hand.' (citywireusa.com)
Finance
- Dan Loeb wants Disney ($DIS) to spin off ESPN. (frontofficesports.com)
- Bear market or not, M&A activity is still hopping. (axios.com)
- ARK Venture will not come cheap. (citywireusa.com)
Flow
- Andreesseen Horowitz is funding Adam Neumann's new startup, Flow. (nytimes.com)
- What a16z says about their investment. (a16z.com)
- What Flow actually does, kinda, sorta. (ft.com)
Economy
- National homebuilder confidence turned negative in August. (calculatedriskblog.com)
- Housing affordability is at, or near, its worst levels this millennium. (bonddad.blogspot.com)
- Lower bond market volatility should help bring down mortgage spreads. (humbledollar.com)
Earlier on Abnormal Returns
- Adviser links: better listening. (abnormalreturns.com)
- Single-bond ETFs are here. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What people were reading last week on the site. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)
