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Too busy during the week? Catch up with last week's readings:
Businesses
Probiotics & antibiotics create a killer combination (Link)
Disrupting addresses using a three word system $ (Link)
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Investing
Is Smart Beta really smart? (Link)
The fall issue of Graham & Doddsville (Link)
📺 Markel's Tom Gayner on how he became a successful investor (Link)
What Billy Beane and Jim Simons have in common (Link)
Deconstructing the October market sell-off (Link)
Study finds boutiques beat larger managers with remarkable consistency (Link)
Inflation, not recession, the big risk for investors (Link)
Gold demand up from all investors...except ETFs (Link)
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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Investor behaviour
The surprising power of the long game (Link)
The psychology of sitting in cash (Link)
No one is crazy (Link)
On the railway bubble during the 1800s (Link)
When the great alpaca bubble burst (Link)
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Across the world
Some quick charts on China's inequality (Link)
How the economic crisis is changing Argentina's diet (Link)
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On the lighter side
And the winner of our internal photo contest is... (Link)
Check out these scary costumes from our little Halloween monsters! (Link)
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Charts
Opportunity is increasing in high yield bonds:
