Quote of the day
Morgan Housel, “All valuation estimates are just that — estimates. They’re an attempt to predict a future that, in reality, cannot be known.” (Motley Fool)
Markets
60 stocks have doubled in value so far in 2014. (Ivanhoff Capital)
Hedge funds are betting big against the coal miners. (WSJ)
Is the MLP IPO boom going to end badly? (WSJ)
Strategy
Value traps and the arbitrary nature of looking at country-level valuations. (Philosophical Economics)
Are low interest rates responsible for the soaring stock market? (The Fat Pitch)
Starting valuations matter. (Meb Faber)
Are you riding in the back of the cab without your seat belt on? (A Wealth of Common Sense)
The too-big-to-fail effect on bank stock performance. (Journal of Finance)
Companies
What is a CEO really worth? Shrug. (MoneyBeat)
Bonds
There is a fundamental mismatch in the global bond markets. (Bloomberg)
At the same time markets are becoming less liquid. (FT Alphaville)
Funds
Technology is becoming increasingly important for Morningstar ($MORN). (Investment News)
A Q&A with Wes Gray of the AlphaShares US Quantitative Value ETF ($QVAL). (A Wealth of Common Sense, part 2)
Global
The global policy mix is easy money and neutral fiscal policy. (Gavyn Davies)
What the big economies got right (and wrong) about the financial crisis. (WSJ)
Economy
Remodeling is booming again. (Real Time Economics)
The Chicago National Fed Activity Index shows trend growth in October. (Calculated Risk)
Why the decline in gasoline prices is a big deal. (Bonddad Blog)
A review of Russ Roberts’ How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness. (FT)
Earlier on Abnormal Reutrns
What you might have missed in our Sunday linkfest. (Abnormal Returns)
Mixed media
The FAA doesn’t get drones. (WSJ)
Early birds get the college degree. (Vox)
Eight ways to say no with grace and style. (Farnam Street)
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