10 Thursday AM Reads

Looks like a bumpy ride today, as futures soften, the Yen falls, and gold catches a bid. Enjoy them all with morning train reads:

• S&P 500 Companies Spend 95% of Profits on Buybacks, Payouts (Bloomberg) see also “Each of the last six great merger waves on record ended with a precipitous decline in equity prices (Marketwatch)
• Torturing Historical Market Data (A Wealth of Common Sense)
• It’s Investor Behavior, Not Investment Behavior That Matters (Irrelevant Investor) see also One Risk You Can Control: Bad Timing (Morningstar)
• Inside Apple’s Broken Sapphire Factory (WSJ)
• What the Islamic State’s currency tells us about the bloody origins of money (Quartz)
• Swedroe: A Close Look At Private Equity (ETF.com)

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