The Stingy News Weekly (04/22/2018)
"The authors illustrated how the probability that a talented manager's performance will exceed the best in a pool of untalented managers can be surprisingly small, even over long periods. It helps explain why performance-chasing has produced such poor results for individual and institutional investors alike." [Funds]
Meb's Amazon accusation
"You've probably heard much in the media recently about Facebook, fake news, and weaponizing content to influence opinions and elections. You may have seen Mark Zuckerberg dragged in front of Congress to testify about Facebook's mistakes. Well, what you haven't heard much of in the media (yet) is how Amazon is an equally bad actor. Whereas Facebook is plagued by fake news, Amazon is littered with fake products. And these fake products encourage fraud and play a role in global money laundering." [Books]
Joel Greenblatt talks to Barry Ritholtz
"Bloomberg View columnist Barry Ritholtz interviews Joel Greenblatt, co-founder of Formula Investing LLC and managing principal, co-chief investment officer and portfolio manager at Gotham Short Strategies and Gotham Asset Management LLC." [audio] [Value Investing]
Be a little underemployed
"Since the constraints of physically exhausting jobs are visible, we took decisive action when things weren.t working, like the Adamson Act. But the limits of mentally exhausting jobs are nuanced and less visible, so we get trapped in a spot where most of us work a schedule that doesn.t maximize our productivity, yet we do nothing about it." [Behaviour]
Martin J. Whitman dies at 93
"Martin J. Whitman, who made .safe and cheap. a value-investing mantra during more than two decades managing the Third Avenue Value Fund, has died. He was 93." [Value Investing]
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