Quote of the day

Fred Wilson, “It goes back to optimizing versus satisficing. If you want to find the optimal entry price or the optimal exit price, you will drive yourself crazy. I prefer to find an acceptable price. And I think that averaging in and averaging out does that for you.”  (A VC)

Chart of the day


Where various sectors sit relative to their 52-week highs.  (Bespoke)


The case for corn.  (Andrew Thrasher)

Are gold miners a value trap?  (ETF)

Natural gas liquid (NGL) trading volume is picking up.  (WSJ)


Bond markets are a lot smarter than equity markets.  (Alpha Architect)

Why high yield bond investors should pay attention to the stock market.  (CSSA)

Is factor investing useless?  (Pragmatic Capitalism)

Why we shouldn’t be too worried about data-mined research results.  (Noah Smith)

Some more words that need to be banned from the finance lexicon.  (A Wealth of Common Sense)


Can Amazon ($AMZN) ever be profitable?  (Musings on Markets)

Fast followers, like Samsung, eventually flag.  (Asymco)


Kid Dynamite, “(T)here will never be a time when you – the retail investor –  are the first to read, understand and react to a news story.”  (kid Dynamite)

What the major online investment advisors charge.  (Meb Faber)

Why aren’t corporate bonds more standardized?  (FT)


The ten cheapest country ETFs.  (ETF)

Not all biotech ETFs are created alike.  (ETF)


Weekly initial unemployment claims continue to fall.  (Bloomberg, Calculated Risk)

Q3 GDP rose at a 3.5% rate.   (Wonkblog, Calculated Risk, Crossing Wall Street)


What did QE accomplish?  (The Upshot, WSJ,

With the end of QE the FOMC’s statement is going to shrink.  (Real Time Economics , Aleph Blog)

2015 could be the year of the rate hike.  (Tim Duy)

Earlier on Abnormal Returns

Q&A with Tobias Carlisle author of Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.  (Abnormal Returns)

Building your personal margin of safety.  (Abnormal Returns)

Q&A with Wes Gray of Alpha Architect and the ValueShares US Quantitative Value ETF ($QVAL).  (Abnormal Returns, part 2)

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

Mixed media

Space travel has never been, and never will be, risk-free.  (New Yorker)

Solar flares are messing with communications.  (WSJ)

The surprising answer to: what do firefighters do all day?  (Vox)

You can support Abnormal Returns by visiting Amazon or follow us on StockTwits, Yahoo Finance 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.