Quote of the day

Patrick O’Shaughnessy author of Millennial Money: How Young Investors Can Build a Fortune, “If you are excited by an investment, there is a very good chance that it is a bad idea. Good investing is slow and boring.”  (Maxim)

Chart of the day

Hints of a turn in the energy sector.  (Andrew Thrasher)

Markets

Vexing economists, bond yields are likely to stay low for longer.  (All Star Charts)

Not all market news is noise.  (Irrelevant Investor)

Strategy

Investors love to focus on single-variable analysis.  (Morgan Housel)

On the relationship between deliberate practice and achieving a flow state.  (TraderFeed)

Companies

Berkshire Hathaway ($BRKB) is swapping P&G ($PG) shares for the Duracell business.  (Bloomberg, WSJ)

Apple’s ($AAPL) Mac business has weathered the mobile storm so far.  (Above Avalon)

Churchill Downs ($CHDN) is getting into the mobile games business.  (Dealbook)

Finance

What’s behind the growth at lender OnDeck Capital?  (Businessweek)

Forex

The unbelievable story of a fraudulent forex shop that vanished into thin air.  (Bloomberg)

What the big banks did in the forex market to get into hot water.  (Matt Levine, Medium, Dealbook)

ETFs

A closer look at the new Cambria Global Momentum ETF ($GMOM).  (Alpha Architect)

Global

How big a boost are lower oil prices going to have for the global economy?  (Gavyn Davies)

Economy

Weekly initial unemployment claims continue to trend below 300,000.  (Calculated Risk, Capital Spectator)

Americans are quitting their jobs and small business have more openings.  (Real Time Economics, Dr. Ed’s Blog)

Hotels are having a great year.  (Calculated Risk)

Earlier on Abnormal Returns

The starting is the hardest part: the case for robo-advisors. (Abnormal Returns)

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

Mixed media

A profile of Larry Page of Google ($GOOG), the “most ambitious CEO in the universe.”  (Fortune)

What is Twitter ($TWTR) trying to say with its “strategy statement?  (Digits)

Why Facebook ($FB) should offer a “pay for privacy” option.  (GigaOM)

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