Institutional managementRichard Ennis thinks institutional investors are doing it all wrong. (papers.ssrn.com)What does it mean to build a truly diverse investing team? (klementoninvesting.substack.com)Track recordsThings to keep in mind when viewing any presentation of investment performance. (occaminvesting.co.uk)How to use factors to help analyze the returns of a manager with a short-term track record. (insights.factorresearch.com)ResearchThe belief that higher economic growth should lead to better stock market performance has plagued emerging markets for years. (morningstar.com)Activist investors like to focus on companies that have already attracted the attention of short-sellers. (institutionalinvestor.com)The 4% withdrawal rule does not work across countries. (papers.ssrn.com)A round-up of some recent Bitcoin-related research. (capitalspectator.com) [Read More...]

Aseet allocaitonAsset allocation helps us capture average capital market returns. (capitalspectator.com)@demonetizedblog, “Concentration gets you rich. Diversification keeps you rich.” (ensofinance.blog)CryptoBitcoin has hit a new all-time price high. (coindesk.com)The Coinbase ($COIN) listing is the beginning of a new era. (howardlindzon.com)Patrick O’Shaughnessy talks blockchain with Chris Dixon of a16z. (joincolossus.com)CompaniesStripe emerged from the pandemic stronger than before. (wsj.com)Singapore-based Grab is going public via the largest SPAC deal in history. (cnbc.com)Epic Games just raised another $1 billion in capital. (variety.com)Sports gamblingSports gambling is working its way across the United States with the help of UK-based operators. (ft.com)DraftKings ($DKNG) is going to push deeper into the media side. (axios.com)As sports gambling expands, so will interest in … [Read More...]

MarketsSome signs that equity market sentiment is getting frothy. (athrasher.com)Why margin credit balances are, at best, an imprecise measure of leverage. (mrzepczynski.blogspot.com)StrategyWhat happens after the stock market has a big up year? (awealthofcommonsense.com)Don’t fall for the ‘cash on the sidelines’ trope. (ritholtz.com)CryptoWhy the Coinbase ($COIN) direct listing is a big deal for crypto. (news.crunchbase.com)Some 96% of Coinbase’s net revenue came from transaction fees. (wsj.com)CompaniesMicrosoft ($MSFT) is buying speech recognition company Nuance ($NUAN). (bloomberg.com)Why Intel ($INTC) now has a chance at a reboot. (mondaynote.com)CEO compensation powered through the pandemic. (wsj.com)StartupsCapital is rushing to fund rapid grocery delivery services like Getir, Jiffy and GoPuff. (ft.com)Fintech startups are trying to make stock trading more social. (protocol.com)There has … [Read More...]

MarketsDespite the GameStop ($GME) drama, global hedge funds had a good Q1. (hedgeweek.com)Asset class returns over the past decade. (twitter.com)StrategyWhat you call something matters, especially in financial markets. (awealthofcommonsense.com)Why you need to understand what you own. (compoundadvisors.com)Sensible portfolios are possible. Optimal ones are not. (humbledollar.com)CryptoThe state of the race to a US-listed Bitcoin ETF. (etf.com)FundsWhen you measure performance for a fund matters a lot. (wsj.com)How is DFA’s move into ETFs going? (etf.com)Since the beginning of 2020, 62 U.S. ETFs have amassed $100 million in assets. (ft.com)PolicyCourts are chipping away at the federal eviction ban. (washingtonpost.com)Some Covid-era deregulation is likely to stick including ‘to go cocktails.’ (wsj.com)Until you have universal voting there always be attempts … [Read More...]

VariantsThe B.1.1.7 coronavirus variant is now in all 50 states. (cnn.com)Why Michigan has been vulnerable to the B.1.1.7 variant. (yahoo.com)How effective are the vaccines against the known variants? (npr.org)AstraZenecaThere is some evidence of a link between the AstraZeneca ($AZN) vaccine and rare clotting events. (statnews.com)Researchers show that the AstraZeneca ($AZN) vaccine produced antibodies that activated their platelets. (nytimes.com)VaccinesModerna ($MRNA) is upping its production. (wsj.com)The NVD-HXP-S vaccine candidate is expected to be cheaper to produce. (nytimes.com)Valneva which uses a whole inactivated virus is entering Phase 3 trials. (ft.com)The eight-step story of how. vaccine goes from gene sequencing then into someone’s arm. (nymag.com)ChildrenPfizer ($PFE) and BioNTech ($BTNX) have filed for an EUA for 12-15 year olds. (cnbc.com)James Hamblin, “The … [Read More...]

AutosWidespread, low cost, adoption of EVs is going to require solid-state batteries. (ft.com)A number of psychological biases, including ‘algorithm aversion,’ stand in the way of autonomous vehicles. (wsj.com)Want to reduce carbon? Bike instead of drive. (theconversation.com)EnvironmentEmily Ury, “Rising seas are inundating North Carolina’s coast, and saltwater is seeping into wetland soils.” (theconversation.com)Researchers are scratching their heads about a big rise in methane levels in 2020. (ft.com)Climate change is affecting how and where people will live. (housingwire.com)Rising sea levels are coming. The only approach is adaptation. (fastcompany.com)There are practical way to reduce gas emissions from livestock. (modernfarmer.com)What Amazon ($AMZN) could do to reduce single-use plastic waste. (nytimes.com)To re-forest you need seedlings. (wired.com)EnergyThe UK’s power … [Read More...]

VenturePatrick O’Shaughnessy talks with Jesse Jacobs and Mike Kerns who are co-founders and partners at The Chernin Group about content and media. (joincolossus.com)Howard Lindzon talks e-sports with Jens Hilgers of gaming-focused investment company BITKRAFT Ventures (howardlindzon.com)Meb Faber talks with Sundeep Ahuja who’s currently GP at Duro Ventures about investing with a climate lens. (mebfaber.com)EpisodesJim O’Shaughnessy talks all things markets with Joe Weisenthal of Bloomberg. (infiniteloopspodcast.com)Nate Geraci talks with Wes Gray of Alpha Architect about value investing and the white-label ETF business. (alphaarchitect.com)Frazer Rice talks with Nancy Davis about how she came to launch the Quadratic Interest Rate Volatility and Inflation Hedge ETF ($IVOL). (frazerrice.com)Tracy Alloway and Joe Weisenthal talk with Maciej Kowara and Eric Jacobson about the … [Read More...]

MarketsEveryone is talking inflation protection of late. (thereformedbroker.com)Why Tuesdays are better than Thursdays in the stock market. (sentimentrader.com)CryptoWill the blockchain change how securities transactions are settled? (ft.com)Another sign that interest in crypto trading has surged. (reuters.com)CompaniesHorace Deidu, “The last quarter of 2020 was a remarkable quarter for Apple.” (asymco.com)The commercial office reckoning is a slow-moving disaster for owners. (nytimes.com)Home Depot ($HD) was a big pandemic winner. (housingwire.com)FinanceThe explosion in SPACs has worn out PIPE investors along the way. (ft.com)These were the most active VCs in Q1 2021. (news.crunchbase.com)The CME ($CME) wants to launch lithium futures. (wsj.com)ChipsGM ($GM) and Ford ($F) are idling plants due to chip shortages. (washingtonpost.com)Taiwan is redirecting water during a historic drought … [Read More...]

InvestingThe GameStop ($GME) saga put Citadel Securities in the spotlight, where it does not want to be. (bloomberg.com)The unusual story of the shutdown of fund manager International Value Advisers (IVA). (morningstar.com)Interest in cryptocurrencies is on fire. The Winkelvii are prime beneficiaries. (forbes.com)BehaviorThe only way to get better at decision making is through deliberate practice. (luckymaverick.substack.com)Envy is so much easier in the online age. (moretothat.com)LongreadsThe new CEO of McDonald’s ($MCD) has a big task taking after a scandal-plagued era. (fortune.com)We’re just scratching the surface of the trauma the pandemic has inflicted on first responders. (propublica.org)Why police are rarely charged and convicted of killing civilians. (washingtonpost.com)The story of a series of rare books thefts that sound like something out … [Read More...]

MarketsHigh ISM Manufacturing numbers don’t necessarily mean good news for stocks. (compoundadvisors.com)The Top Shot bubble has burst. (theirrelevantinvestor.com)CryptoJust prior to its direct listing Coinbase had a huge Q1. (wsj.com)CompaniesAmazon ($AMZN) continues to take digital ad share. (wsj.com)How long can AT&T ($T) and Comcast ($CMCSK) resist calls to spin off their media units? (hollywoodreporter.com)Plaid has moved on from its broken Visa ($V) deal with a capital raise at a substantially higher valuation. (news.crunchbase.com)FinanceKen Griffin’s Citadel empire is hitting on all cylinders. (ft.com)Jamie Dimon’s JP Morgan Chase ($JPM) shareholder letter is a must-read. (thereformedbroker.com)ETFsThe ARK Space Exploration & Innovation ETF ($ARKX) has already amassed more than $445 million in AUM. (wsj.com)Charles Schwab ($SCHW) is planning its first … [Read More...]

Hedge fundsMore evidence demonstrating that diverse teams generate hedge fund alpha. (institutionalinvestor.com)The hedge fund industry is bigger than commercial databases indicate. (papers.ssrn.com)Retail tradersProperly measured the returns on retail trades are negative. (klementoninvesting.substack.com)Why options can confuse new traders. (moontowermeta.com)DiversificationDiversification still works, but it’s not as easy as before. (morningstar.com)From an asset allocation perspective Bitcoin isn’t really correlated with traditional asset classes. (lightfinance.blog)ResearchFixed income factors won’t solve the problem of historically low interest rates. (alphaarchitect.com)Some evidence showing investors are happy to pay for real, operational growth. (klementoninvesting.substack.com)Which companies are more likely to have dual-class stock at IPO. (papers.ssrn.com)Does indexing in emerging markets make sense? (theemergingmarketsinvestor.com)A round-up of March’s white papers including “Small-Cap: … [Read More...]

StrategyThere definitely are growth and value cycles. Good luck trying to time them. (awealthofcommonsense.com)The case against active stock picking: how will you ever know if you are any good at it? (ofdollarsanddata.com)New age stock traders have a very different view of markets than their parents. (bloomberg.com)CryptoSome investors are not happy with the NAV discount on the Grayscale Bitcoin Trust ($GBTC). (finance.yahoo.com)The crypto industry is maturing, hence the formation of the Crypto Council for Innovation. (wsj.com)FinanceThe big banks are under constant pressure from fintech startups. (thereformedbroker.com)Why your shareholder vote probably doesn’t matter that much. (bloomberg.com)One of the big jobs for a CFO is finding a suitable shareholder base for a public company. (wsj.com)SPACsSports trading card company Topps is going … [Read More...]

Retail tradingIt’s hard to ignore the impact of retail traders on the stock market. (theirrelevantinvestor.com)The four types of Robinhood traders including the “YOLO trader.” (awealthofcommonsense.com)We seem to have passed peak meme-stock. (wsj.com)Retail traders are now on Clubhouse. (grayscaleinvest.medium.com)CryptoGrayscale is committed to transitioning the Grayscale Bitcoin Trust ($GBTC) into an ETF. (nasdaq.com)Just how independent are Coinbase’s ($COIN) independent diretors? (wsj.com)FinanceSubprime auto borrowers are increasingly falling behind on payments. (wsj.com)Billionaire Bill Foley is a well-respected SPAC heavyweight. (wsj.com)Fund managementMistakes don’t often work in favor of investors – the Vanguard error did. (morningstar.com)What do you really get with a SPAC-focused ETF? (wsj.com)HousingMore people are going to list their houses for sale in 2021. (redfin.com)Single-family rental … [Read More...]

MarketsHow the rise of the retail trader is changing how small caps trade. (morningstar.com)Market timers hate gold. (marketwatch.com)StrategyDividend paying stocks are not a substitute for bonds. (alephblog.com)There is no advantage so great that competition can’t overcome. (kruegercatalano.com)CompaniesTaiwan Semiconductor ($TSM) plans to spend a mind boggling $100 billion on new plant and equipment over the next three years. (bloomberg.com)FinanceThe Archegos fiasco has put the growing family office space into the spotlight. (ft.com)Will Clubhouse, and its clones, kill off the in-person investment conference? (institutionalinvestor.com)HousingThe median home sale prices are up 17% over the past year. (housingwire.com)Why it’s still difficult to get a mortgage absent stellar credit. (wsj.com)How will rising mortgage rates affect housing? (calculatedriskblog.com)Housing sales are picking up … [Read More...]

VariantsThe P.1 variant seems to be affecting the young more acutely. (wsj.com)Researchers are concerned that the P.1 variant, prevalent in Brazil, is evading natural immunity. (ft.com)Why we are likely to need Covid vaccines in the next year due to variants. (theguardian.com)How your immune system works to protect you against coronavirus variants. (scientificamerican.com)We should be surging vaccine shipments in those areas with variant surges. (theatlantic.com)VaccinesA new real world study shows mRNA vaccines to be highly effective at preventing Covid infections. (statnews.com)Messenger RNA (mRNA) COVID-19 vaccines have been shown to be effective in preventing symptomatic SARS-CoV-2 infection in randomized placebo-controlled Phase III trials. (cdc.gov)The Pfizer ($PFE)-BioNTech ($BTNX) vaccine shows effectiveness six months post-vaccination. (news.yahoo.com)The issue of … [Read More...]

AutosThe U.S. needs a EV charging network strategy. (vice.com)An unfortunate outcome would be more EVs charged by coal-fired power plants. (papers.ssrn.com)EnergyChina is rapidly ramping up its installation of wind power. (ft.com)A more electric future is going to require more copper. (wisdomtree.com)TreesA record early blooming for Kyoto’s cheery blossoms is another indication of climate change. (washingtonpost.com)Demand for longleaf pine needles is on the rise. (washingtonpost.com)What happens as a tree decomposes in a forest. (daily.jstor.org)Douglas W. Tallamy, “Oaks are not just another plant.” (nytimes.com)Invasive speciesPet owners are often to blame for the introduction of invasive species. (arstechnica.com)A non-native species of mouse is chewing through Australia’s grain stock (modernfarmer.com)Another example of how an invasive … [Read More...]

ETFsHow to think about ESG ETF strategies. (morningstar.com)How much longer can ESG ETFs charge a premium? (wsj.com)Some clean energy ETFs have a concentration problem. (ft.com)Vanguard has introduced its first ESG ETF in Europe. (etfstrategy.com)Humankind US Stock ETF ($HKND) provides investors with cheap, diversified exposure to responsible firms. (mutualfundobserver.com)Portfolio managementThe CFA Institute is going start offering a ESG certificate. (fa-mag.com)Why ESG investors need to be able to customize their portfolios. (osam.com)RIAs need to have answer when it comes to impact investing. (riaintel.com)Justin Castelli talks with Erin Angerer and Nate Wyne the founders of Floodlight which helps financial professionals make values-aligned investing decisions. (allaboutyourbenjamins.com)ResearchCapturing the trade-off between ESG score and performance. (alphaarchitect.com)Hedge funds with an SRI … [Read More...]

BooksAn excerpt from Jonathan Cohn’s “The Ten Year War: Obamacare and the Unfinished Crusade for Universal Coverage.” (theatlantic.com)An except on how to interview a manager from Ted Seides’ new book “Capital Allocators.” (institutionalinvestor.com)Remote therapyDemand for remote talk therapy surged in pandemic, but is it a good substitute for the real thing? (thecut.com)Why the city of Reno, Nevada signed a deal with therapy service Talkspace. (statnews.com)SocietyHow America’s food banks operated through the pandemic. (nytimes.com)The RV/van life is not an escape from the challenges of America today. (newrepublic.com)FarmlandThe battle for U.S. farmland is getting intense. (wsj.com)Many farmers are priced out of the farmland market. (modernfarmer.com)LongreadsThe last time VCs bet big on clean energy the results were disastrous. … [Read More...]