Quote of the Day
"The difference between successful investors and really successful investors is that really successful investors say no to almost every business/stock."
(Vishal Khandelwal)
Chart of the Day
Even if the U.S. economy eventually tips over into recession, the inverted yield curve will have failed as an indicator. (chart via FRED)
Markets
- What's different about the Magnificent Seven stocks. (awealthofcommonsense.com)
- Don't look now but Taiwan Semi ($TSM) is nearly a $1 trillion company. (bnnbloomberg.ca)
- The case for swapping large caps for small caps. (blogs.cfainstitute.org)
Strategy
- There's no such thing as certainty. (tonyisola.com)
- Lessons from Robert Hagstrom’s 1994 book "The Warren Buffett Way." (flyoverstocks.com)
Interval funds
- How do interval funds work? (morningstar.com)
- The BREIT story isn't over yet. (philbak.substack.com)
Finance
- Asking hedge funds for fee reductions isn't going to cut it. (capitalallocators.com)
- Big hedge funds are moving training in-house. (finance.yahoo.com)
- LPs are paying for GPs to fly private. (institutionalinvestor.com)
Vanguard
- Nobody identifies as a 'Blackrock-head.' (etf.com)
- Vanguard really doesn't want you to call. (riabiz.com)
Global
- The UK's new PM will be dealing with a stagnant economy. (nytimes.com)
- Startups are upping their due diligence to avoid Chinese espionage. (ft.com)
- Europe needs more ammo. (foreignpolicy.com)
Economy
- A look at weekly initial jobless claims with a seasonality lens. (bonddad.blogspot.com)
- Homebuilder confidence fell in June. (calculatedriskblog.com)
- This measure still shows strong economic growth. (mrzepczynski.blogspot.com)
- Money market fund dividends are boosting incomes. (apolloacademy.com)
- Americans are keeping their stuff for longer. (sherwood.news)
Earlier on Abnormal Returns
- Longform links: always en route. (abnormalreturns.com)
- Personal finance links: financial mistakes. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: asset class access. (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)
Mixed media
- 37 lessons from a 37 year old, including 'If success—more knowledge, more ability, more money, a promotion, whatever—doesn’t make you a better person, it’s not success.' (ryanholiday.net)
- Lessons learned from ten years of blogging. (mr-stingy.com)
- Lessons from the making of 'Jaws.' (thewaiterspad.com)
