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Quote of the day

Alex Tabarrok, “The market doesn’t lie doesn’t mean the market is always correct. A lie is an intentional falsehood. Market manipulation would be analogous to an intentional lie so it’s not impossible for markets to lie only difficult much of the time.”  (Marginal Revolution)

Chart of the day

XOM Total Return Price Chart

XOM Total Return Price data by YCharts

What does Warren Buffett see in ExxonMobil ($XOM)?  (The Brooklyn Investor, YCharts Blog, Barry Ritholtz)


The case for timber.  (The Reformed Broker, Businessweek)

Four costly ideas investors have paid attention to.  (A Dash of Insight)

When T-bills make sense.  (Mark Hulbert)


Why do the top hedge fund holdings underperform?  (Mebane Faber)

Why you need a personal investment policy statement.  (Morningstar)

On the rise of the “Twitter celebrity financial analyst.”  (Institutional Investor)

Do wealthy investors do all that much better?  (John Authers)


Not all tech IPOs are created equal.  (GigaOM)

On the challenges of valuing young growth companies.  (Musings on Markets)

The startup accelerator trend is slowing.  (TechCrunch)

How SnapChat plans to make money.  (Business Insider also Pando Daily)


Bank forex traders sidestepped rules to personally trade on customer flow.  (Bloomberg)

Regulators are taking a closer look at index providers.  (FT)


On the (bright) future of the ETF industry.  (Roger Nusbaum)

Just because it is an ETF doesn’t mean it shouldn’t get significant scrutiny.  (Attain Capital)


Martin Wolf, “In brief, the world economy has been generating more savings than businesses wish to use, even at very low interest rates. This is true not just in the US, but also in most significant high-income economies.”  (FT)

Capital has stopped gushing out of the emerging markets.  (FT Alphaville)


Retail sales for October shows continued growth.  (Calculated Risk, Capital Spectator)

Four big mortgage market trends.  (Sober Look)

Don’t pay too much attention to consumer confidence figures.  (Wonkblog)

Earlier on Abnormal Returns

What you may have missed in our Tuesday linkfest.  (Abnormal Returns)


Financial Advice and Investment Decisions: A Manifesto for Change by Jarrod W. Wilcox and Frank J. Fabozzi is “for the serious retail investor who wants more than the usual financial advice pap.”  (Reading the Markets)

The top nonfiction books of 2013 from Tyler Cowen including Tune In: The Beatles: All These Years by Mark Lewisohn.  (Marginal Revolution)


iPad Air vs. iPad Mini: tough call.  (TechCrunch, Technologizer)

Is the Nest Protect worth the extra bucks?  (Pogue)Thanks for checking in with Abnormal Returns. You can follow us on StockTwits and Twitter.

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