The most important of these rules is the first one: the eternal law of reversion to the mean (RTM) in the financial markets.
– John C. Bogle

Featured Article

The View from the Front Seat of the Google Self-Driving Car
Over the 6 years since we started the project, we’ve been involved in 11 minor accidents (light damage, no injuries) during those 1.7 million miles of autonomous and manual driving with our safety drivers behind the wheel, and not once was the self-driving car the cause of the accident.

Companies

WSJ: Google will add buy buttons to search results on mobile
Google’s getting ready to face Amazon and eBay, according to The Wall Street Journal, and will be adding buy buttons directly to its search results. You’ll see those buttons accompanying sponsored results under a “Shop on Google” heading

Related

Deconstructing the Fitbit S-1
The question is not whether smart watches consume the wearables market (there’s room for both and more) – its whether Fitbit can retain its leadership and expand its user-base by, for example, partnering with business and health insurance companies.

Wearable Tech Is Plugging Into Health Insurance
Today the average American’s health insurance payments fluctuate once a year. Imagine if that rate changed each day, determined in part by a sensor-rich gadget on the wrist. Sound far fetched?

SALT Conference Best Ideas Panel: Chanos, Bass, Burbank, Cooperman, Karsch
At the Skybridge Alternatives (SALT) Conference in Las Vegas, the best ideas panel featured top hedge fund managers giving their top stock picks. Here’s a summary.

Markets

Why Wall Street investors and Chinese firms are buying farmland all over the world
The purchases help countries like China and Saudi Arabia secure food supplies and conserve water domestically.

Why so many Dutch people work part time
…the cultural conviction that families still needed mothers home for tea-time prevailed, and thus the state worked closely with employers to ensure that the new part-time jobs would enjoy similar legal positions to their full-time equivalents.

Investing

A Dozen Things I’ve Learned about Value Investing from Jean Marie Eveillard
I think the secret of success of most value investors is that when times became difficult they stuck to their guns and did not capitulate.

Seth Klarman Says This is the Single Biggest Investing Advantage You Can Have
He is very clear about how investors can gain an edge over Wall Street’s minute-to-minute obsession with stock prices.

Long reads

The View from the Front Seat of the Google Self-Driving Car
Over the 6 years since we started the project, we’ve been involved in 11 minor accidents (light damage, no injuries) during those 1.7 million miles of autonomous and manual driving with our safety drivers behind the wheel, and not once was the self-driving car the cause of the accident.

FBI: Hacker Says He Made Plane Change Course
The security researcher told federal agents he accessed in-flight networks more than a dozen times, according to an affidavit.

Graph of the week

sentiment_cycles
Source: valuewalk.com
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