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Today's links:
Check out these scary costumes from our little Halloween monsters! (Link)
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No one is crazy, but everyone justifies actions based on poor reasonings, including you (Link)
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Opportunity increasing in high yield bonds
Study finds boutiques beat larger managers with remarkable consistency (Link)
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On the inapplicability of norms from "Mastering the Market Cycle" by Howard Marks:
"Here's a fun question: for how many of the 47 years from 1970 through 2016 was the annual return on the S&P 500 within 2% of 'normal' - that is, between 8% and 12%?
I expected the answer to be 'not that often', but I was surprised to learn that it happened only three times! It also surprised me to learn that the return had been more than 20 percentage points away from 'normal' - either up more than 30% or down more than 10% more than one quarter of the time: 13 out of the last 47 years. So one thing that can be said with total conviction about stock market performance is that the average certainly isn't the norm. Also, most of those 13 extreme up or down years were within a year or two of another year of similarly extreme performance in the same direction."
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Gold demand up from all investors...except ETFs (Link)
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Inflation, not recession, the big risk for investors (Link)
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Companies are raising prices as costs rise
