Quote of the Day
"If an investor has to wait ten years or more for a factor like value or size to work, it might as well never ever work because by that time, the vast majority of investors are no longer invested in it."
(Joachim Klement)
Strategy
- Investors are suckers for a good growth story. (behaviouralinvestment.com)
- Diversification as 'survival insurance.' (safalniveshak.com)
- Investors will only wait so long for a factor to pay off. (klementoninvesting.substack.com)
Finance
- Medline ($MDLN) is the biggest IPO of 2025. (cnbc.com)
- How JP Morgan ($JPM) has transformed their balance sheet. (ft.com)
- Robinhood ($HOOD) is rolling out even more prediction market functionality. (axios.com)
- How prop trading firms entice new users. (bloomberg.com)
Fund management
- Why is the Bluerock Private Real Estate Fund ($BPRE) trading at a big discount to NAV? (giftarticle.ft.com)
- Virtus ($VRTS) is pushing deeper into private markets. (citywire.com)
- Small 401(k) plans typically pay higher fees. Providers have come up with a 'solution.' (morningstar.com)
Startups
- Now Amazon ($AMZN) could invest in OpenAI. (techcrunch.com)
- Databricks is reportedly raising capital at a $134 billion valuation. (wsj.com)
- Waymo is looking to raise capital at a $100 billion valuation. (cnbc.com)
Economy
- Keep an eye on involuntary part-time work. (agglomerations.substack.com)
- Employers have no idea what they are getting in new graduates. (theatlantic.com)
Earlier on Abnormal Returns
- Personal finance links: a lack of spending. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: a catchy slogan. (abnormalreturns.com)
- Why RSS still matters. (abnormalreturns.com)
- Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Mixed media
- Private equity is diving deeper into minor league baseball. (frontofficesports.com)
- How the University of Utah's private equity deal works. (huddleup.substack.com)
- Pickleball companies are merging behind the scenes. (frontofficesports.com)
- Sports leagues and teams want to own their ticketing. (johnwallstreet.com)
