Holiday book alert: Millennial Money: How Young Investors Can Build a Fortune by Patrick O’Shaughnessy.

Quote of the day

Jack Bogle, “(A)dvisers need to sell their value as keeping their clients from doing the wrong thing at the wrong time. That’s what advisers have to offer: Keeping you from making a mistake is what you need me for.”  (Bloomberg)

Chart of the day


Long term Treasuries are still an effective diversifier.  (The Reformed Broker)


Another reminder that markets can stay overbought (or oversold) for some time.  (Andrew Thrasher)

The market is experiencing a rash of new highs (and lows).  (Dana Lyons)

An odd couple, financials and health, are leading the market.  (Afraid to Trade)

Gold and silver have stopped going down.  (Short Side of Long)


Man cannot live on value (or momentum) alone.  (Millennial Invest)

Why is Jack Bogle so down on international stocks?  (Pragmatic Capitalism)

Why you should get used to low interest rates for some time to come.  (Bloomberg)

What investment book would you give as a gift? Including William Bernstein’s The Intelligent Asset Allocator.  (Morningstar)


There are still a lot of open questions about the Apple Watch.  (Monday Note)

One place where you can find inflation: the C-suite.  (FT)


Canada’s pension funds are a model for others.  (Dealbook)


What European fund investors can learn from the US.  (Rekenthaler Report)

Path dependence matters when it comes to leveraged ETFs.  (ETF)


Fannie and Freddie are rolling out 3% down mortgages. (LA Times)

Small businesses are feeling more optimistic.  (Calculated Risk)

Jobs turnover is accelerating.  (Real Time Economics)

Why oil prices won’t likely affect Fed thinking on rates.  (Tim Duy)

How broke are Millennials?  (Slate)

Earlier on Abnormal Returns

More signs that software is eating the investment management industry.  (Abnormal Returns)

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

Mixed media

On the revival of the Rust Belt.  (New Geography)

Meet the army of meteorologists that are working to get your package there by the holidays.  (WashingtonPost)

Why this time of year especially you need a charitable giving plan.  (Bucks Blog)

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