Random Reads

Warren Buffett says, “I just sit in my office and read all day.” Not everyone can afford to devote themselves to reading to that extent so here's a shortcut - the headlines that caught our eye this past week and compelled us to click and read.

Fundamental Analysis and the Cross-Section of Stock Returns: A Data-Mining Approach (Digest Summary) | CFA Institute

Fundamentals-based anomalies are consistent with mispricing... predictive ability of top fundamental signals is more pronounced among stocks that are small and have low institutional ownership, high idiosyncratic volatility, and low analyst coverage.

One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week | Vice

An index from cryptocurrency analyst Alex de Vries, aka Digiconomist, estimates that with prices the way they are now, it would be profitable for Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more Bitcoins. That's about as much as Nigeria, a country of 186 million people, uses in a year.

The Hitchhiker’s Guide To Cryptocurrencies | FT
If you want to look for the hidden influences on the world today you need to look to works of the science fiction writers such as the late, lamented Douglas Adams. Adams’ masterpiece, the “Hitchhiker’s Guide to the Galaxy” books, seem to have had a huge influence on the science fiction loving geeks of the cryptocurrency world. In fact it seems to have set out the two main models of cryptocurrency issuance decades before the birth of Bitcoin.

Microcaps Stellar Quarter: 8.9% vs. Large Caps 1.0% | livewire

Over 3yrs... "All but 2 active microcap managers were able to provide index beating returns"

October ASX floats – what went up and what went down | Stockhead

"As we are drawing to the end of the calendar year... the quality of capital raisings and listings does drop off"

Bed Bath & Beyond is Buyout Bait | WSJ

US retail bloodbath caused valuation reset... WSJ says at these levels a buyout or sale of some companies may make sense.

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