Quote of the day

Ben Carlson, “When you personalize the market, you fall into the trap of trying to be right rather than trying to make money.”  (A Wealth of Common Sense)

Chart of the day

If you blinked, you missed the junk bond rebound.  (Income Investing, Lex)

Strategy

Ten lessons learned from Shelby Davis.  (Novel Investor)

Don’t buy expensive stocks.  (Millennial Invest)

The eternal struggle: mean reversion vs. momentum.  (Adam Grimes)

Even institutional investors can’t help but chase returns.  (Larry Swedroe)

Amazon

Amazon ($AMZN) is testing investors’ patience.  (Quartz, NYTimes)

Is it time to break-up Amazon?  (Medium)

Companies

Procter & Gamble ($PG) is getting out of the Duracell battery business.  (Bloomberg, WSJ)

Warren Buffett has a significant appetite for renewable energy.  (WSJ)

Finance

Buybacks are a capital structure decision, not an investment decision.  (Expecting Returns via @ritholtz)

Where is hedge fund growth going to come from?  (Institutional Investor)

Now TD Ameritrade ($AMTD) is getting into the robo-advisor game.  (Think Advisor)

ETFs

Is the liquidity mismatch issue with ETFs a systemic problem?  (Economist)

Why the SEC is leery of non-transparent ETFs.  (Marketwatch)

Mortgages

Mortgage rates are back to mid-2013 levels.  (WSJ)

Why is getting a mortgage so difficult these days?  (Barry Ritholtz)

Economy

Rail traffic is chugging along.  (Pragmatic Capitalism)

Earlier on Abnormal Returns

Podcast Friday looks at ballooning fees and managing your 401(k) plan. (Abnormal Returns)

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

Mixed media

You can now get flu shots (or your kids) delivered.  (Wired, Recode)

Some of life’s big unanswered questions.  (Morgan Housel)

Americans are not using their vacation days.  (CNBC)

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