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)


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)


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)


What is a CEO really worth? Shrug.  (MoneyBeat)


There is a fundamental mismatch in the global bond markets.  (Bloomberg)

At the same time markets are becoming less liquid.  (FT Alphaville)


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)


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)


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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