Quote of the day

Pre-order alert: Michael Lewis’ latest book Flash Boys: A Wall Street Revolt is coming out next month.

Harry Markowitz, “One lesson from 2008 is that if it’s very complicated and you don’t understand it, maybe you shouldn’t buy it.”  (FT)

Chart of the day


eBay ($EBAY) has been outperforming since the market bottom in 2009.  (All Star Charts)


Many people still hate the current stock market.  (Joe Fahmy)

On the rebound in market-implied growth rates.  (Compounding My Interests)

Check out the huge surge in Fannie Mae stock.  (Business Insider, WSJ)


Don’t invest if you don’t want your beliefs “challenged and corrected.”  (Above the Market)

Congrats on seven years of blogging.  (Aleph Blog)


Will free online money management become a loss leader for bigger firms?  (HIA Research)

Bank forex trading is not a license to print money.  (FT Alphaville)

Are universities “hoarding” their endowments?  (Free exchange)


The behavior gap illustrated: investor ill-behavior over the past decade.  (Morningstar)

In praise of transparent ETFs.  (ETF)

The good, bad and ugly of ETFs in 2013.  (Morningstar)


Norway’s sovereign wealth fund earned nearly 16% in 2013.  (MoneyBeatWSJ, FT)

Is China setting up for its own ‘lost decade’?  (Pragmatic Capitalism)


Q4 GDP was revised down again.  (Business Insider, Calculated Risk)

Rail traffic has been sluggish in 2014.  (Pragmatic Capitalism)

Why higher wages are not something to fear at this point in the cycle.  (FT Alphaville)

Earlier on Abnormal Returns

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

Mixed media

Barry Ritholtz, “Is Musk a visionary, or a rent-seeker?”  (Bloomberg View, Quartz)

Bitcoin has a problem: humans.  (The Atlantic)

Another start-up takes a stab at making sense of the Twitter fire hose for finance.  (Dealbook, GigaOM)

You can support Abnormal Returns by shopping at Amazon. Don’t forget to 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.