Quote of the day

@Jesse_Livermore, “What category of investor, then, is consistently outperforming the market, against the consistent underperformance of hedge funds, individual investors, and other losers?  You will be hard pressed to find an answer.”  (Philosophical Economics)

Chart of the day

High yield bonds and the stock market are diverging.  (See It Market)

Markets

Market data always comes with caveats.  (A Wealth of Common Sense)

Should investors be worried by the back up in high yield credit spreads?  (Charlie Bilello)

Why the slope of the yield curve matters for the stock market.  (Crossing Wall Street)

Strategy

Jumping from strategy to strategy is a sure loser.  (Irrelevant Investor)

Bear market “cures” are often worse than the disease itself.  (Servo Wealth)

What does it mean for a market to be “overbought“?  (Adam Grimes)

Finance

Goldman Sachs ($GS) rules the M&A roost this year.  (WSJ)

The SEC has dragged its feet on crowdfunding rules.  (Dealbook)

Bonds

Why have Treasury-derived inflation expectations dropped 40 bp this Fall?  (Capital Spectator)

Should your core bond portfolio be global?  (Alliance Bernstein)

Earlier on Abnormal Returns

Should you buy what Tony Robbins, author of Money: Master the Game is selling?  (Abnormal Returns)

Finance and digital journalism: the Charlie Rose edition.  (Abnormal Returns)

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

Mixed media

Why you should have a system instead of a goal.  (Inc.)

How to simplify your life.  (Farnam Street)

How to make groups smarter.  (HBR)

You can support Abnormal Returns by visiting Amazon, signing up for our daily newsletter or following us on StockTwits, Yahoo Finance and Twitter.