Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s edition including a look at why bubbles can repeat in fast fashion.
Quote of the Day
"The Babe Ruth effect highlights that it is not only how often you are right that matters (probability) but how much
(Mauboussin and Callahan)
you make when you are right versus how much you lose when you are wrong (payoffs)."
Endowment model
- On the unraveling of the endowment model. (papers.ssrn.com)
- How to do endowment investing better. (cambriainvestments.com)
Alternatives
- Private equity and venture capital are not immune from systemic shocks. (klementoninvesting.substack.com)
- Dividend recaps seem to be bad for everyone except the PE fund managers. (papers.ssrn.com)
- Venture capitalists overindex on teams when making investment decisions. (papers.ssrn.com)
Society
- Well-being among younger generations has been declining. (papers.ssrn.com)
- How excess deaths during the pandemic affected Social Security funding. (papers.ssrn.com)
Research
- There is a difference between risk and ambiguity. (klementoninvesting.substack.com)
- It's not enough to identify undervalued securities. You have to properly assess the risk and invest accordingly. (morganstanley.com)
- The best place to put your TIPS ladder. (papers.ssrn.com)
- The best rental returns come from the lowest priced properties. (papers.ssrn.com)
