12/12/17 – Tuesday’s Interest-ing Reads

  • If the long-short hedge fund model dies, niche strategies will take their place. (bloomberg)
  • Bankers are no longer risk-seeking. (corpgov.law.harvard.edu)
  • A momentum investing reading list. (capitalspectator)
  • Asia makes up the majority of Bitcoin investors. (wsj)
  • A look at the structural break in mean reversion for major stock market indices. (factorresearch)
  • Want more factor oomph? Focus on small caps. (beta.morningstar)
  • The SEC, "Investors should understand that to date no initial coin offerings have been registered with the SEC. The SEC also has not to date approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies. If any person today tells you otherwise, be especially wary." (sec.gov)
  • There is no shortage of companies doing lower cost international money transfers. (ft)
  • Tim Maurer, "What elements of your work are nourishing and life-giving?" (timmaurer)
  • Why we continue to incur big costs for small gains. (tonyisola)
  • Fire sales are never secret: the evidence. (papers.ssrn)
  • When civilization collapses, here’s hoping you are in Switzerland. (marginalrevolution)
  • Today’s must-read: This profile of Jim Simons, the Numbers King, at New Yorker (New Yorker)
  • Lessons from the General (Irrelevant Investor)
  • Nick Murray’s favorite books of 2017 including Scott Nations’ A History of the United States in "Five Crashes: Stock Market Meltdowns That Defined a Nation." (fa-mag)
  • How short strategies can help with tax efficiency. (cfainstitute)
  • Some background on history of The Permanent Portfolio. (monevator)
  • Quick gains are often a sign of luck. (ofdollarsanddata)
  • Why we discount the power of education effort and environment on success. (bloomberg)
  • Five questions for Wes Gray about momentum. (capitalspectator)
  • The statistics point toward the value of more diverse corporate boards. (bloomberg)
  • An analysis of Steve Cohen’s fintech investments. (theinformation)
  • On the benefits of highlighting your failures and disappointments. (behavioralscientist)
  • Disney’s ($DIS) interest in Fox assets is in large part to take on Netflix ($NFLX). (stratechery)
  • It’s hard to grasp just how big a bubble the Dutch East India Company was in retrospect. (visualcapitalist)
  • When independent board members leave, take heed. (alphaarchitect)
  • The ICOs that have done the least have gone up the most. (bloomberg)
  • Momentum seems to be useful in market timing factors. (alphaarchitect)
  • Many people trade likely scam stocks in the hopes of making a quick buck. (qz)
  • Your weekly reminder that alpha is ephemeral and outperformance does not persist (Wall Street Journal)
  • The ‘miracle’ that is Bitcoin. (bloomberg)
  • Mom and Pop are trading the Bitcoin Investment Trust ($GBTC). (blogs.wsj)
  • Nobody wants precious metals. (allstarcharts)
  • Who is the biggest financial charlatan of the year? Vote here: (Google Docs)
  • KKR ($KKR) is doubling down on the BDC business. (blogs.wsj)
  • Small business optimism is near an all-time high. (calculatedriskblog)
  • The real driving force behind Bitcoin Mania: The Asian middle class (Wall Street Journal)
  • Three types of crypto and how to value them. (medium)

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