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Explaining the Demise of Value Investing (Lev and Srivastava, academic paper) Clever paper that captures internally-generated intangible asset growth and adds back to book value. This improves the returns of value strategies
More on Low Long-Term Interest Rates (The Grumpy Economist) Argues that stable inflation should lead to an inverted yield curve much like the late 19th century.
Fat Tails, But Which Way? Up or Down? (Mish Talk) Makes the case that we may not see extreme market moves, but rather choppy declines.
A Crash Course On the Euro Crisis (Brunnermeier, Princeton) Excellent educational resources that runs through various factors behind financial crises from capital inflows to shadow banking.
The Best and Worst Case Scenarios for Bonds from Here (A Wealth Of Common Sense) Shows a strong correlation between starting bond yields and subsequent 5y returns and so although bonds have performed well recently – their long-term performance is likely to be poor.