My two-for-Tuesday morning train reads:
• When Bank Capital Standards Aren’t Actually That Standard (Bloomberg)
• Dumb Alpha: Trailing or Forward Earnings? (CFA Institute) see also Separating Decisions (Irrelevant Investor)
• The Herbalife Rorschach Test (Bronte Capital)
• Gold’s Run Could Hit Roadblocks: Lack of inflation, Fed action, calmer markets and speculative investors all pose a problem for gold (WSJ)
• Why are Investors so Tribal? (A Teachable Moment)
What are you reading?