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Quote of the Day
"Perhaps this evolution in the investment management industry, from the rarified work of pioneering nerds to well-designed portfolios for the masses, is nothing more—or less—than progress."
(Andy Clarke)
Chart of the Day

S&P 500 sectors are sitting at very different positions relative to their 52-week highs.
Markets
- Gaps happen: the case of the Swiss franc. (mechanicalforex.com)
- Sorting through the carnage in the land of MLPs. (wsj.com)
- Just how long will investors be willing to hold government bonds with negative yields? (blogs.wsj.com)
Strategy
- On the link between emotional intelligence and risk intelligence. (traderfeed.blogspot.com)
- On the value of diversifying by methodology. (stockcharts.com)
- How leverage helps cause fat tails and volatility clustering. (pragcap.com)
Forex
- Retail forex customers are in hot water post-SNB move. (bloomberg.com)
- Why currency trading never actually 'stops.' (blogs.wsj.com)
- A blast from the past: retail forex follies. (abnormalreturns.com)
Finance
- The case against breaking up JP Morgan ($JPM). (brooklyninvestor.blogspot.com)
- Nine signs that America's biggest banks are shrinking. (buzzfeed.com)
- Google ($GOOG) is partnering with Lending Club ($LC) to provide loans to its customers. (ft.com)
Funds
- Why you should expect to see more liquid alt funds launched. (awealthofcommonsense.com)
- Three lessons learned from a mutual fund flash in the pan. (marketwatch.com)
Global
- Did the SNB get stupid all of a sudden? (marginalrevolution.com)
- Resource dependence is biting back in Canada. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: robo-advisors, combating anxiety and Larry David. (abnormalreturns.com)
- What you may have missed in our Thursday linkfest. (abnormalreturns.com)