Strategy Our brains weren't built for investing. (safalniveshak.com) The small cap bounce back will make stock picking fun again. (scheplick.com) Fund management Is Vanguard, and by extension Blackrock ($BLK), getting too big for its own good? (riabiz.com) The Russell 2000 is a flawed index. (wsj.com) Manager selection is becoming more transparent. (blogs.cfainstitute.org) Companies Alphabet ($GOOGL) makes more in interest income than the majority of the S&P 500 makes in earnings. (sherwood.news) Lineage ($LINE), the world's largest refrigerated-storage company, just went public. (cnb ..read more

Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at how ..read more

Markets UK stocks look cheap. (ft.com) July has seen a big bounceback in small caps. (bilello.blog) Strategy How much do 20-year real stock market returns vary over time? (awealthofcommonsense.com) Don't hedge equities with equities. (rogersplanning.blogspot.com) Bill Ackman Bill Ackman doesn't want investors to think about Pershing Square USA as a closed-end fun. (wsj.com) Why Pershing Square expects to raise less than originally thought. (finance.yahoo.com) Why Pershing Square USA disagrees with Bill Ackman. (ft.com) Finance Private equity itself doesn't represent a systematic risk. N ..read more

Thursdays are all about longform links on Abnormal Returns. Wherever possible, free links for premium sites are used. You can check out ..read more

Strategy For investors, inflation is THE enemy. (disciplinefunds.com) Three investment myths, debunked. (morningstar.com) Crypto A big opening day for spot Ethereum ETFs. (theblock.co) An option for those who still want to custody their own Bitcoin. (theblock.co) AI Charlie Warzel, "Whether you believe that AI executives are delusional or genuinely on the verge of constructing a superintelligence, you should be concerned about how much power they’ve amassed." (theatlantic.com) Meta ($META) is going full-speed on AI. (spyglass.org) Academic publishers are selling access to their archives t ..read more

Markets Small caps have, relative to large caps, seen a lost decade. (ft.com) Joe Wiggins, "Everything within us and around us seems designed to interrupt the positive force of compounding." (behaviouralinvestment.com) Crypto What you need to know about the new spot Ethereum ETFs. (theblock.co) The players in the spot Ethereum space look familiar. (blockworks.co) What happens when you at Ethererum to a 60/40 portfolio. (morningstar.com) Not surprisingly spot Ethereum ETFs are trading like crazy. (theblock.co) The Grayscale Ethereum Mini Trust ($ETH) is designed for the retail crowd. (axios ..read more

Quant stuff Using Bayesian solutions to 'tame' the factor zoo. (alphaarchitect.com) A round-up of recent research on using AI in finance. (capitalspectator.com) How to read an econometrics paper. (econometrics.blog) Alternatives Why are estimates of alternative asset returns still so high? (mailchi.mp) Endowments are struggling to get capital back from their PE investments. (markovprocesses.com) A problem with increasingly private credit: the loss of data. (papers.ssrn.com) Financial flexibility makes for better startup outcomes. (papers.ssrn.com) Macro Geopolitical shocks lead to increas ..read more

Best performing stocks Ian Cassel, "Most big winners were ugly ducklings that transformed themselves into beautiful swans." (microcapclub.com) Lessons learned from the best performing stocks of all-time. (awealthofcommonsense.com) Market history How historical market analogies can lead you astray. (optimisticallie.com) How the stock market performed in the election year of 1968. (carsongroup.com) Finance How the PE bubble will deflate over time. (allisonschrager.substack.com) A great example of how financial innovation opens a firm, Robinhood ($HOOD), up to new scams. (marketwatch.com) C ..read more

Podcasts Daniel Crosby talks practice management with Matt Ackermann, Chief Content Officer at Integrated Partners. (standarddeviationspod.com) Michael Kitces talks with Christi Van Rite who is the Founder of White River Consultants, a firm that provides administrative family office services to 17 ultra-high-net-worth households. (kitces.com) Thomas Kopelman and Jacob Turner talk about the pros and cons of Solo 401(k)s and SEP-IRAs. (podcasts.apple.com) Diana Britton speaks with Martine Lellis, principal of M&A partner development at Mercer Advisors. (wealthmanagement.com) Cash What is ..read more

Stock market What is the best performing stock of all-time? (mebfaber.com) The best performing stocks of all-time are not necessarily technology companies. (sherwood.news) Even the best companies experience big drawdowns. (magazinebailliegifford.com) Strategy The stock market is always trying to anticipate the next thing. (awealthofcommonsense.com) Dariux Foroux, "The biggest threat to an investor is to stop investing." (humbledollar.com) Lessons from Peter Lynch's investing career. (quartr.com) Crowdstrike Microsoft ($MSFT) is not known as a security-first operation. (wsj.com) Our system ..read more