In theory there is no difference between theory and practice. In practice there is.”
Yogi Berra

Companies

Royal Mail: why are shares surging after profits fall?
Royal Mail will hope to boost its parcels earnings following the purchase of London-focused same-day delivery service eCourier

Related:

Driver shortage blamed for profit warning at DX Group

UK Mail profits more than halve amid delays at new delivery centre

Meet Peter Mountford: SA’s most underrated CEO, from R350m to R10bn in 6yrs
We have a strong belief in cash generation capability

Poundland shares plunge nearly 20% as profits fall
Poundland shares have plunged nearly 20% after the retailer reported a fall in sales and profits, and said recent trading had been “highly volatile”.”

Markets

A Market-Based Approach to Infrastructure Series

You Too Can Now Invest in Startups! What Could Go Wrong?
The Securities and Exchange Commission voted this past week to approve so-called equity crowdfunding rules for investors…”

Cord Cutters Can’t Kill Cable
“Investors may be catching on to the fact that cable providers benefit whether customers cut the cord or not.”

Investing

A trader started a GoFundMe page to pay back $100,000 to E-Trade after a disastrous short
My plan moving forward is to liquidate mine and wife’s 401k’s and try work out a payment plan with Etrade. I’m also going to ask them to help out in some way…thats a longshot. I will pay them and be back trading….only with set stops this time. What an expensive lesson that was.

The Problem of Rational Capital Allocation
Ultimately, capital allocation will drive the real returns of investors over long periods of time.  Investors who ignore this key function and tolerate sloppy thinking and reasoning from their managers are likely to suffer lower returns over time compared to investors who demand a higher standard, even if that standard eliminates the vast majority of investment candidates from consideration.”

Long reads

How Many Photographs of You Are Out There In the World?
Now that cameras are ubiquitous, photographs of ordinary people are everywhere, too.”

Graph of the week

What Interest Rates Can Teach Us About Behavioral Biases

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