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Quote of the day

Monish Pabrai, “When we look to make an investment, the greed part of the brain is turned on…A checklist is like a circuit breaker that helps prevent the brain from being able to flip that switch.”  (WSJ)

Chart of the day

Closed-end funds are on year-end sale.  (Focus on Funds)

Markets

Year-end effects will drive trading the next two weeks.  (Dynamic Hedge)

The muni yield curve is pretty steep.  (WSJ)

For everyone who thinks we are in a bubble: some stories for 1999.  (Joe Fahmy)

A look back at last week’s market and the ongoing obsession with the Fed.  (A Dash of Insight)

An ‘Obama portfolio‘ has nearly doubled the market returns this year.  (NYTimes)

Strategy

You can’t beat the market by following the crowd.  (Morgan Housel)

You are likely holding too much cash in your portfolio.  (Barry Ritholtz)

What’s an appropriate strategic weighting to emerging market equities?  (Barron’s also WSJ)

Know your time frame.  (Derek Hernquist)

Companies

And then there were three. Sprint ($S) wants to buy T-Mobile ($TMUS).  (WSJ, Slate, Digits)

The irony of a resurgent T-Mobile.  (Felix Salmon)

Google ($GOOG) just bought another robotics company. Why?  (NYTimes, Wired)

As software “eats the world” non-technology companies are increasingly acquiring software-related startups.  (TechCrunch)

How did Best Buy ($BBY) turn things around this year?  (James Stewart)

Funds

Why you should look for managers with large active share.  (Aleph Blog)

Nine questionable fund moves in 2013.  (Chuck Jaffe)

The great mistake muni investors have made.  (Larry Swedroe)

Why your mutual fund shareholder letter shouldn’t suck.  (Barron’s)

Global

The Indian IPO market should reopen in 2014.  (FT)

‘Chocfinger‘ gets out of the commodity trading business.  (FT)

Just how big a deal is Mexico opening up its energy reserves?  (Business Insider)

Economy

Five charts that point towards continued economic resilience.  (ValuePlays)

Why the Fed should start to taper this month.  (Stone Street)

A look back at the economic week that was.  (Bonddad Blog)

The economic schedule for the coming week.  (Calculated Risk)

Earlier on Abnormal Returns

Top clicks this week no the site.  (Abnormal Returns)

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

Mixed media

Denver real estate prices are getting high on legal marijuana.  (Fortune)

Has the use of non-compete clauses gotten out of hand?  (Economist)

There are a lot of smart ways you can leverage the gift of good old fashioned cash.  (NYTimes)

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