Tuesday, July 21, 2015


Research Affiliates: Are Stocks Overvalued? A Survey of Equity Valuation Models (LINK)
Our answer to the question “Are stocks overvalued?” in the U.S. market is a resounding “Yes!” Our forecast for core U.S. equities is a 0.8% annualized real return over the next decade. The 10-year expected real return for emerging markets equity, however, is much higher at 5.9% a year. The return potential of the nondeveloped markets is so high, in fact, that the valuation models, warts and all, paint a very clear picture.
Frenzy Around Shopping Site Jet.com Harks Back to Dot-Com Boom [H/T Will] (LINK)
Online marketplace Jet.com Inc. has almost no revenue, years of likely losses in its future and a strategy that includes underpricing mighty Amazon.com Inc. on millions of items. Jet also has perhaps the highest valuation ever among e-commerce startups before their official launch. 
That is no contradiction in Silicon Valley, where investors keep pouring money into audacious business experiments filled with big-splash potential. Jet is the buzziest e-commerce arrival of the current boom, with $225 million in capital raised in the past year and a timer on its website counting down the seconds to Tuesday’s opening of Jet to the public. 
More than just about any other current startup, Jet seems reminiscent of the dot-com boom era, when e-commerce companies assumed giant losses before breaking into the black. 
Anticipation runs so high that Jet’s founder and chief executive, Marc Lore, is in talks with investors about raising hundreds of millions of dollars in additional capital by year end, according to people briefed on the discussions. The infusion could increase the online retailer’s value to $3 billion from $600 million.
Tim Harford: It’s tough turning ideas into gold (LINK)

The Magic of Tidying Up—Digitally [H/T @DanielPink] (LINK)
Related book: The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing
Best of Neil deGrasse Tyson Arguments And Comebacks, Part 1 (video) [H/T Linc] (LINK)

Alien Animals and Tortured Seascapes off the Galápagos (LINK)