Quote of the day

Chuck Jaffe, “In short, reading the analysis and looking at the headlines first is fine; it makes you a more informed investor. Acting on it is where investors get themselves into trouble.”  (Marketwatch)

Chart of the day


Hedge funds are loading up on gold miners.  (WSJ)


How is the Global Market Index Fund doing?  (Capital Spectator)

It didn’t take much to turn market sentiment negative.  (Joe Fahmy)

Why it isn’t surprising Treasury yields are continuing to decline.  (Market Anthropology)


No single measure of risk tells us all that much about our investments.  (A Wealth of Common Sense)

Barry Ritholtz talks with Vanguard CEO John Brennan.   (Soundcloud)

Four books for new investors including The Richest Man in Babylon by George Clason.  (Millennial Invest)

An excerpt from Joshua Brown and Jeff Macke’s Clash of the Financial Pundits on the rise (and fall) of Joe Granville.  (The Reformed Broker)


Are cash flows a better predictor than earnings?  (SSRN via @quantivity)

Why you should be reading more research papers on investing.  (BetterBeta Trading)

A look at the pre-FOMC announcement drift.  (Journal of Finance)


Kinder Morgan ($KMI) is consolidating its MLP units.  (BloombergWSJ, Dealbook, Focus on Funds)

Why is enterprise software so bad?  (Worthwhile Canadian Initiative via @markthoma)

Newspaper companies are being thrown to the wolves.  (NYTimes)


Blackstone ($BX) is increasingly coming into competition with Wall Street.  (FT)

Don’t hire an investment banker unless you really want to sell your company.  (The Epicurean Dealmaker)

Calpers is looking to simplify its portfolio.  (WSJ)


Six steps to dumping a bad mutual fund.  (Chuck Jaffe)

Bond funds continue to see inflows.  (HORAN Capital)

What would it take for active managers to reverse the trend toward indexing?  (Rekenthaler Report)

Does investors really need the Driexion iBillionaire ETF ($IBLN)?  (ETF)


Europe’s economy is in a depression.  (Business Insider)


Did the Fed miss the boat on the junk bond bubble?  (Pragmatic Capitalism)

The job market is shifting from employers to employees.  (Bloomberg)

Earlier on Abnormal Returns

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

Mixed media

Andreessen Horowitz is investing in Buzzfeed.  (NYTimes, Recode, Chris Dixon)

Should Bitcoin be treated as currency for tax purposes?  (A VC)

In defense of Yo.  (WSJ)

You can support Abnormal Returns by visiting Amazon or 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.