“Zero to One is worth reading simply for its fresh thinking on competition.” – Gene Epstein in Barron’s
Quote of the Day
"To these fanatics, if the market rallies, it is due to some unholy alliance somewhere, and if the market dives, it is a case of good triumphing over evil."
(David Rosenberg)
Chart of the Day

The debate over the forthcoming Apple ($AAPL) Watch is already full-on.
Markets
- Beware the pitch behind seasonal market effects. (dashofinsight.com)
- Some divergences facing the market in 2015. (disciplinedinvesting.blogspot.com)
- The new year starts with an expensive market and strong economy. (bonddad.blogspot.com)
- Checking in on the equity risk premium going into the new year. (aswathdamodaran.blogspot.com)
Strategy
- What Meb Faber's portfolio looks like going into 2015. (mebfaber.com)
- The identity of the world's best portfolio diversifier may surprise you. (alphaarchitect.com)
- Globally diversified portfolios will always have something underperforming. (maliceforall.com)
- Jason Zweig, "Humans don’t want accuracy; they want reassurance." (wsj.com)
IPOs
- A closer look at the Shake Shack ($SHAK) IPO. (brooklyninvestor.blogspot.com)
- On the prospect for a surge in IPOs on the LSE. (telegraph.co.uk)
Funds
- Emerging market closed-end bond funds are cheap. (online.barrons.com)
- How much does your fund manager have in their own fund? (telegraph.co.uk)
Economy
- Gasoline prices are not all that cheap historically. (wsj.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in December 2014. (abnormalreturns.com)
- What you may have missed in our Saturday linkfest. (abnormalreturns.com)