‘Tis the season. Ben Carlson at A Wealth of Common Sense ranks Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere as one of the “best books I’ve read in 2013.”

Quote of the day

Felix Salmon, “Art is not an investment in the way that the S&P 500 is, and all direct comparisons of the two have a way of invidiously changing the way we look at and think about art in general.”  (Reuters)

Chart of the day


2013 was a year of divergent asset class performance.  (The Short Side of Long)

Video of the day

Consuelo Mack talks with Winthrop H. Smith Jr. author of Catching Lightning in a Bottle: How Merrill Lynch Revolutionized the Financial World.  (Wealthtrack)


The 2-10 year Treasury spread is at two-year highs.  (Crossing Wall Street)

Two looks at corporate profits.  (Systematic Relative Strength, Dr. Ed’s Blog)

Beware pundits who blame the Fed for their woes.  (A Dash of Insight)


What lessons will investors take from 2013?  (The Reformed Broker)

Lower correlations should be a boon for stockpickers.  (John Authers)

A look at Peter Sanders’ All About Low Volatility Investing: The Easy Way to Get Started.  (Reading the Markets)

Hedge funds

Five reasons why hedge funds underperform.  (Bloomberg)

Hedge fund investors are not getting their money’s worth.  (IndexUniverse)

Historical hedge fund performance numbers are largely irrelevant.  (FT Alphaville, ibid)


Off-exchange trading continues to take share from exchanges.  (WSJ)

Odd-lot trading volume is coming out of the shadows.  (MoneyBeat)

Banks are wondering what to do with their commodity businesses.  (Breakingviews)

Nobody reads 10-Qs any more: the Barnes & Noble ($BKS) edition.  (Kid Dynamite)


‘Tis the season to shop for closed-end funds at a discount.  (Chuck Jaffe)

Money managers are waiting for SEC to approve non-transparent mechanisms to enter the ETF business.  (FT)

Fidelity is pushing back on fees.  (InvestmentNews)


Unemployment in Europe is still a disaster.  (Pragmatic Capitalism)

Europe has an inflation problem.  (Gavyn Davies)

Chinese commodity demand has been offset by increased supply.  (WSJ)

Commodity testing is getting granular, DNA-level granular.  (WSJ)


The US is now a chemical export powerhouse.  (FT)

Wage growth is the missing link in the economic recovery.  (Economic Musings)

Why has labor’s share of income declined in advanced economies?  (Noahpinion)

Earlier on Abnormal Returns

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

Mixed media

Ten statistics on what makes for Twitter engagement.  (Fast Company)

Will “social IPOs” become a thing?  (CNNMoney)

Can you actually save money with a $2500 coffee machine?  (DailyFinance)

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.