ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. THURSDAY LINKS: FUELED BY ENDURANCE Thursday links: fueled by endurance. May 20, 2021. "Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an SUNDAY LINKS: COMMON AND FAMILIAR Sunday links: common and familiar. May 23, 2021. "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." (James

Surowiecki)

FRIDAY LINKS: A SPECULATIVE COLLECTABLE Quote of the Day "Much like art, crypto is essentially a speculative collectable. It will never be a viable currency in the non-criminal market as long as it's so volatile." FRIDAY LINKS: THE AGE OF ETFS Friday links: the age of ETFs. January 22, 2021. Are you already signed up for our daily e-mail newsletter? That’s awesome, but did you also know that we publish an adviser-focused e-mail every Friday?

Now you do.

TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. THURSDAY LINKS: FUELED BY ENDURANCE Thursday links: fueled by endurance. May 20, 2021. "Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an SUNDAY LINKS: COMMON AND FAMILIAR Sunday links: common and familiar. May 23, 2021. "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." (James

Surowiecki)

FRIDAY LINKS: A SPECULATIVE COLLECTABLE Quote of the Day "Much like art, crypto is essentially a speculative collectable. It will never be a viable currency in the non-criminal market as long as it's so volatile." FRIDAY LINKS: THE AGE OF ETFS Friday links: the age of ETFs. January 22, 2021. Are you already signed up for our daily e-mail newsletter? That’s awesome, but did you also know that we publish an adviser-focused e-mail every Friday?

Now you do.

TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is SATURDAY LINKS: YOUR CURRENT IDEA Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

CORONAVIRUS LINKS: BECOMING ENDEMIC Coronavirus links: becoming endemic. May 22, 2021. A coronavirus pandemic linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. TUESDAY LINKS: ANXIETY INDUCING Quote of the Day "The pandemic exacerbated trends that were already underway, pushing forward a decade of technological adoption. We are re-emerging into 2031, and that is both exhilarating and anxiety

inducing."

WEDNESDAY LINKS: THE NEXT BIG HOUSING SHIFT Wednesday links: the next big housing shift. June 9, 2021. "The next big housing shift will be when the Baby Boom generation starts to downsize and move to retirement communities." (Bill McBride) THURSDAY LINKS: FUELED BY ENDURANCE Thursday links: fueled by endurance. May 20, 2021. "Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an SUNDAY LINKS: COMMON AND FAMILIAR Sunday links: common and familiar. May 23, 2021. "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." (James

Surowiecki)

FRIDAY LINKS: A SPECULATIVE COLLECTABLE Quote of the Day "Much like art, crypto is essentially a speculative collectable. It will never be a viable currency in the non-criminal market as long as it's so volatile." SUNDAY LINKS: WHY GROUPTHINK PERSISTS Sunday links: why groupthink persists. June 6, 2021. "Groupthink persists because groupthink feels good. (Tim Harford) MONDAY LINKS: REAL RISKS Quote of the Day "Knowing beta is a measure of volatility is simple, but appreciating that volatility isn’t the real risk you face in investing is not easy." FRIDAY LINKS: THE AGE OF ETFS Friday links: the age of ETFs. January 22, 2021. Are you already signed up for our daily e-mail newsletter? That’s awesome, but did you also know that we publish an adviser-focused e-mail every Friday?

Now you do.

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." SUNDAY LINKS: COMMON AND FAMILIAR Sunday links: common and familiar. May 23, 2021. "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." (James

Surowiecki)

THURSDAY LINKS: FUELED BY ENDURANCE Thursday links: fueled by endurance. May 20, 2021. "Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an FRIDAY LINKS: A SPECULATIVE COLLECTABLE Quote of the Day "Much like art, crypto is essentially a speculative collectable. It will never be a viable currency in the non-criminal market as long as it's so volatile." FRIDAY LINKS: THE AGE OF ETFS Friday links: the age of ETFs. January 22, 2021. Are you already signed up for our daily e-mail newsletter? That’s awesome, but did you also know that we publish an adviser-focused e-mail every Friday?

Now you do.

TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." SUNDAY LINKS: COMMON AND FAMILIAR Sunday links: common and familiar. May 23, 2021. "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." (James

Surowiecki)

THURSDAY LINKS: FUELED BY ENDURANCE Thursday links: fueled by endurance. May 20, 2021. "Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an FRIDAY LINKS: A SPECULATIVE COLLECTABLE Quote of the Day "Much like art, crypto is essentially a speculative collectable. It will never be a viable currency in the non-criminal market as long as it's so volatile." FRIDAY LINKS: THE AGE OF ETFS Friday links: the age of ETFs. January 22, 2021. Are you already signed up for our daily e-mail newsletter? That’s awesome, but did you also know that we publish an adviser-focused e-mail every Friday?

Now you do.

TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is SATURDAY LINKS: YOUR CURRENT IDEA Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

CORONAVIRUS LINKS: BECOMING ENDEMIC Coronavirus links: becoming endemic. May 22, 2021. A coronavirus pandemic linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. TUESDAY LINKS: ANXIETY INDUCING Quote of the Day "The pandemic exacerbated trends that were already underway, pushing forward a decade of technological adoption. We are re-emerging into 2031, and that is both exhilarating and anxiety

inducing."

THURSDAY LINKS: FUELED BY ENDURANCE Thursday links: fueled by endurance. May 20, 2021. "Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an WEDNESDAY LINKS: 125 YEARS Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

SUNDAY LINKS: COMMON AND FAMILIAR Sunday links: common and familiar. May 23, 2021. "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." (James

Surowiecki)

FRIDAY LINKS: A SPECULATIVE COLLECTABLE Quote of the Day "Much like art, crypto is essentially a speculative collectable. It will never be a viable currency in the non-criminal market as long as it's so volatile." MONDAY LINKS: REAL RISKS Quote of the Day "Knowing beta is a measure of volatility is simple, but appreciating that volatility isn’t the real risk you face in investing is not easy." MONDAY LINKS: BUYING ON WEAKNESS Monday links: buying on weakness. May 17, 2021. "Whether it’s crypto or stocks or anything else, buying on weakness is way easier said than done." (Michael Batnick) FRIDAY LINKS: THE AGE OF ETFS Friday links: the age of ETFs. January 22, 2021. Are you already signed up for our daily e-mail newsletter? That’s awesome, but did you also know that we publish an adviser-focused e-mail every Friday?

Now you do.

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor SATURDAY LINKS: YOUR CURRENT IDEA Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." SUNDAY LINKS: WHY GROUPTHINK PERSISTS Sunday links: why groupthink persists. June 6, 2021. "Groupthink persists because groupthink feels good. (Tim Harford) TUESDAY LINKS: LIKE BOTTLES OF WINE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

THURSDAY LINKS: FUELED BY ENDURANCE Quote of the Day "Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an optimal

level of hassle."

TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor SATURDAY LINKS: YOUR CURRENT IDEA Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." SUNDAY LINKS: WHY GROUPTHINK PERSISTS Sunday links: why groupthink persists. June 6, 2021. "Groupthink persists because groupthink feels good. (Tim Harford) TUESDAY LINKS: LIKE BOTTLES OF WINE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

THURSDAY LINKS: FUELED BY ENDURANCE Quote of the Day "Compounding is fueled by endurance, so sitting through market insanity is not a defect; it’s accepting an optimal

level of hassle."

TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is CORONAVIRUS LINKS: BECOMING ENDEMIC Coronavirus links: becoming endemic. May 22, 2021. A coronavirus pandemic linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." PODCAST LINKS: INVESTING GIANTS Podcast links: investing giants. June 4, 2021. Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the science of influence. THURSDAY LINKS: FUELED BY ENDURANCE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

WEDNESDAY LINKS: 125 YEARS Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

ADVISER LINKS: CONTINUOUS IMPROVEMENT Adviser links: continuous improvement. May 17, 2021. Mondays are all about financial adviser-related links here at Abnormal Returns. You can check out last week’s links including a look at how to name your wealth management firm. "Successful firms of the future will thrive by either providing commodity-like products at scale for near-zero SUNDAY LINKS: COMMON AND FAMILIAR Quote of the Day "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." WEDNESDAY LINKS: LESSONS LEARNED Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

TUESDAY LINKS: LIKE BOTTLES OF WINE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

FRIDAY LINKS: THE AGE OF ETFS Friday links: the age of ETFs. January 22, 2021. Are you already signed up for our daily e-mail newsletter? That’s awesome, but did you also know that we publish an adviser-focused e-mail every Friday?

Now you do.

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

SUNDAY LINKS: AN UNDERRATED FORCE Sunday links: an underrated force. May 16, 2021. "One lesson of the pandemic is that humanity’s desire for normalcy is an underrated force, and there is no single mistake as common to political analysis as the constant belief that this or that event will finally change everything." (Ezra Klein) DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. THE IMPOSTER PHENOMENON ILLUSTRATED The imposter phenomenon illustrated. One of the valid reasons to get into the investment industry is that constantly in flux. This requires successful practitioners to constantly learning. This may seem a bit like a cliche but it really is valid. For example we are in a time where indexing could comprise 50% of assets under management. WHY VOLATILITY MATTERS Why volatility matters. October 16, 2014. Market volatility doesn’t matter in some academic sense. That is some formal relationship between volatility and returns. Volatility matters because it wreaks havoc people’s emotions. Phil Pearlman has a great post up talking about how the financial media deals with market declines: THE PRINCIPAL-AGENT PROBLEM IN FUND MANAGEMENT The principal-agent problem in fund management. January 7, 2013. Before diving head long into the new year I wanted to point out a a paper that came out last month. A paper by Paul Woolley and Dimitri Vayanos at the London School of Economics entitled “ Taming the finance monster ” attracted a fair bit of attention. TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is

ABNORMAL RETURNS

A coronavirus-focused linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near Coronavirus links: armchair epidemiologists

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

SUNDAY LINKS: AN UNDERRATED FORCE Sunday links: an underrated force. May 16, 2021. "One lesson of the pandemic is that humanity’s desire for normalcy is an underrated force, and there is no single mistake as common to political analysis as the constant belief that this or that event will finally change everything." (Ezra Klein) DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. THE IMPOSTER PHENOMENON ILLUSTRATED The imposter phenomenon illustrated. One of the valid reasons to get into the investment industry is that constantly in flux. This requires successful practitioners to constantly learning. This may seem a bit like a cliche but it really is valid. For example we are in a time where indexing could comprise 50% of assets under management. WHY VOLATILITY MATTERS Why volatility matters. October 16, 2014. Market volatility doesn’t matter in some academic sense. That is some formal relationship between volatility and returns. Volatility matters because it wreaks havoc people’s emotions. Phil Pearlman has a great post up talking about how the financial media deals with market declines: THE PRINCIPAL-AGENT PROBLEM IN FUND MANAGEMENT The principal-agent problem in fund management. January 7, 2013. Before diving head long into the new year I wanted to point out a a paper that came out last month. A paper by Paul Woolley and Dimitri Vayanos at the London School of Economics entitled “ Taming the finance monster ” attracted a fair bit of attention. TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is

ABNORMAL RETURNS

A coronavirus-focused linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near Coronavirus links: armchair epidemiologists FRIDAY LINKS: ACTING IN CONCERT Quote of the Day. "What we call a “mania” is just shorthand for saying that a lot of people – and machines – made the same bet, as happened in January when day traders – many of them inexperienced – drove up the price of GameStop. Maybe they were all acting rationally and in concert. Maybe they were duped by insiders or

weren’t

SATURDAY LINKS: AN ABNORMAL DISTRIBUTION Saturday links: an abnormal distribution. April 3, 2021. Saturdays are the day we catch up with all the non-finance related items that we didn’t get to during the week. You can check out last week’s edition here. Have a great weekend! "Normal is a distribution, not a person." (Seth Godin) MENTIONS - ABNORMAL RETURNS Mentions. This may not be reviews in the strictest sense of the word, but Abnormal Returns is getting some notice from the blogosphere. A (chronological) sampling: The Stalwart writes, “ Abnormal Returns: Finds interesting financial stories each day.”. Random Roger writes, “Great Read From A PODCAST LINKS: RICHER AND WISER Podcast links: richer and wiser. April 30, 2021. Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the challenges in building portfolios for the really long term. TUESDAY LINKS: LIKE BOTTLES OF WINE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

SUNDAY LINKS: REMAINING FOCUSED Quote of the Day. "On top of economic uncertainty there is also high level of noise generated by various pundits, blogs, financial media and even central banks. Staying focused on the markets has become as difficult as developing and following a winning strategy to trade. In fact, the essential meta-strategy is to remain focused, identify and ADAPTING TO A WORLD BENT ON FALSIFYING THE PAST Adapting to a world bent on falsifying the past. When it comes to studying the financial markets all we have is history. Indeed academic finance is built on studying various relationships in historical data. Which on the face of it makes sense. The problem is the world doesn’t stand still. The world changes and so do the facts

associated with it.

TO BOND ETF OR NOT: AN EXCERPT FROM RATIONAL EXPECTATIONS In this excerpt from Chapter 6 he asks whether individual investors need to bother at all with bond ETFs. That is not so great news to the ETF industry which has attracted some $276 billion in assets to bond ETFs as of May 2014. The following is excerpted with permission of William Bernstein from Rational Expectations: Asset Allocation for THURSDAY LINKS: GETTING PULLED IN Thursday links: getting pulled in. List: The ten best thrillers of 2017 including Katie Kitamura’s A Separation . ( Vulture) "The opening of Zen and the

ABNORMAL RETURNS

A coronavirus-focused linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near Coronavirus links: armchair epidemiologists

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor SATURDAY LINKS: YOUR CURRENT IDEA Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

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LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

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MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." PODCAST LINKS: INVESTING GIANTS Podcast links: investing giants. June 4, 2021. Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the science of influence. DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. TUESDAY LINKS: LIKE BOTTLES OF WINE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

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SUNDAY LINKS: COMMON AND FAMILIAR Quote of the Day "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is

ABNORMAL RETURNS

Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor SATURDAY LINKS: YOUR CURRENT IDEA Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

LONGFORM LINKS: THE POWER OF MEMES Longform links: the power of memes. February 11, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at what made Jeff Bezos’ Amazon a

success.

MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." PODCAST LINKS: INVESTING GIANTS Podcast links: investing giants. June 4, 2021. Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the science of influence. DAVID SWENSEN LEAVES A POWERFUL LEGACY David Swensen leaves a powerful legacy. May 9, 2021. David Swensen passed away this week. As head of the Yale University endowment fund, he is widely credited with developing a new way to manage money for long-lived institutions like endowments, foundations, sovereign wealth and pension funds. You may hear it called the ‘Yale Model.’. TUESDAY LINKS: LIKE BOTTLES OF WINE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

here.

SUNDAY LINKS: COMMON AND FAMILIAR Quote of the Day "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." TEN QUOTES ON THE QUESTION OF FINANCIAL BUBBLES Ten quotes on the question of financial bubbles. Eddy Elfenbein, “A bubble is a bull market in which you don’t have a position.”. ( Twitter) Eddy’s comment is a clever one because it captures the current zeitgeist that involves calling any significant market move a

bubble.

HULBERT ON FOSBACK SEASONALITY SYSTEM November 3, 2005. Mark Hulbert writing over at Barrons.com reviews the twenty year performance of Norman Fosback’s Seasonality Timing System. Fosback created the model in the early 1970s and popularized the system in his newsletters and his book, “Stock Market Logic”. While there are a number of seasonality systems, Fosback’s is CORONAVIRUS LINKS: BECOMING ENDEMIC Coronavirus links: becoming endemic. May 22, 2021. A coronavirus pandemic linkfest is for now a weekly feature here on Abnormal Returns. Please stay safe and find a vaccination site near you. You can read last week’s edition here. MONDAY LINKS: A NEW SENSE OF THE WORLD Quote of the Day "The pandemic seems to have broadened Airbnb's sense of its place in the world. It once operated like an alternative to stodgy hotels, but is now embracing the idea that it can be an alternative to permanent housing as well." THURSDAY LINKS: FUELED BY ENDURANCE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

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WEDNESDAY LINKS: 125 YEARS Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

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SUNDAY LINKS: COMMON AND FAMILIAR Quote of the Day "Cryptocurrencies have become increasingly common and familiar, and the decision to buy one rather than another looks increasingly arbitrary." LONGFORM LINKS: EXPONENTIAL PHENOMENA Longform links: exponential phenomena. May 20, 2021. Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a WEDNESDAY LINKS: LESSONS LEARNED Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

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MONDAY LINKS: REAL RISKS Quote of the Day "Knowing beta is a measure of volatility is simple, but appreciating that volatility isn’t the real risk you face in investing is not easy." TUESDAY LINKS: LIKE BOTTLES OF WINE Abnormal Returns, since its launch in 2005, has brought the best of the finance and investment blogosphere to its readers. I am also the Director of Investor Education at Ritholtz Wealth Management LLC. More

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FRIDAY LINKS: THE AGE OF ETFS Friday links: the age of ETFs. January 22, 2021. Are you already signed up for our daily e-mail newsletter? That’s awesome, but did you also know that we publish an adviser-focused e-mail every Friday?

Now you do.

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