‘Tis the season to shop. Daniel Gross at The Daily Beast suggests you give the gift that keeps on giving: LED bulbs.

Quote of the day

Geert Rouwenhorst, “People have difficulty buying things for diversification purposes. But negative correlation is what it is. When one thing goes up the other thing goes down. You can’t have it both ways.”  (FT)

Chart of the day


Four lessons from 2013.  (Dragonfly Capital)


Ten themes for 2014 from Rich Bernstein.  (Business Insider)

What, if anything, can we learn from 25%+ years?  (Pragmatic Capitalism)

The case for a reflation in assets like China and gold.  (Market Anthropology)


Should you invest your emergency cash? Um, no.  (WSJ, Random Roger)

Simple models work better. (Mebane Faber)

What to look for in online investment management.  (The Guardian)

Another example why default options matter so much.  (Turnkey Analyst)

An interview with Steve LeCompte of CXO Advisory Group.  (Rick Ferri)


Apple ($AAPL) reportedly signs a much awaited deal with China Mobile.  (WSJ, stratechery)

Carl Icahn wants Apple to show him the money.  (Time, Fortune, TRB)


What can Wall Street do to reverse its brain drain to tech?  (Institutional Investor)

The sad state of hedge fund of funds.  (WSJ)

Is Blackrock ($BLK) too big to fail?  (Sheila Bair)

Peer-to-peer lending

Institutions want to grab a piece of the peer-to-peer lending space.  (WSJ)

What happens next after all these P2P loans are made?  (FT Alphaville)


The six best single country ETFs of 2013.  (IndexUniverse)

Vanguard is the Wal-Mart ($WMT) of ETFs.  (Bloomberg)

Fidelity is cutting fees on its target-date funds.  (InvestmentNews)


Would you rather have Brazil’s or the US’ economic problems?  (Justin Fox)

Chinese banks may not play in the Bitcoin sandbox.  (BloombergFT, Quartz, Dealbook)

Newsflow in the UK has been pretty positive.  (The Short Side of Long)


Weekly initial unemployment claims dip below 300k.  (Calculated Risk)

More good news on the economic front.  (Capital Spectator, Crossing Wall Street)

There is no housing bubble.  (Bonddad Blog)

What the just-in-time rental economy might look like.  (Slate)

Rich guys are driving economic research increasingly these days.  (Felix Salmon)

What exactly is economic growth?  (TheArmoTrader)

Earlier on Abnormal Returns

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

Mixed media

Matthew Harts’ Gold: The Race for the World’s Most Seductive Metal whizzes through the history of the shiny metal. (The Daily Beast)

On the economics of being an Uber driver.  (Fortune also Slate)

Half your employees hate their jobs.  (LinkedIn)

Thanks for checking in with Abnormal Returns. You can follow us on StockTwits and Twitter.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.