Weekend Reads - Dec 23, 2023

Long-Term News; Driving with the Rear-View Mirror; Can Randomly Allocated Portfolios Generate Excess Returns?; Shannon's Demon; First You Predict, Then You Take Risks; and more...

• Long-Term News (Collaborative Fund)

• Driving with the Rear-View Mirror (AQR)

• Can Randomly Allocated Portfolios Generate Excess Returns? (Return Stacked)

• Shannon's Demon (Market Sentiment)

• First You Predict, Then You Take Risks (Klement on Investing)

• Diseconomies of Scale in Investing (Alpha Architect)

• Why Do Investors Play Low Probability Games? (Behavioural Investment)

• The Income Tax Paradox (The Grumpy Economist)

• The "Strike Price" of Long-Only Trend Following (Return Sources)

• The Quality of New Entrants (Verdad)

• JP Morgan Chief Jamie Dimon on the Dire State of the Global Economy (📺 NYT)

• Michael Robbins: Ever Seen a Bad Backtest? (📺 Raise Your Average)

• Charles McGarraugh - “Change in the Market is Accelerating” (🎧 Flirting with Models)

• Adaptive Asset Allocation Replication (FOSS Trading)

• How Neural Networks Learned to Talk | ChatGPT: A 30 Year History (📺 Art of the Problem)

• Another Look at Timing the Equity Premiums by Dai and Dong (SSRN)

• Commodity Sectors and Factor Investment Strategies by Nakagawa and Sakemoto (SSRN)

• Market Volatility and the Trend Factor bt Gu et al. (SSRN)