Book review: Daniel Gross reviews The Age of Cryptocurrency How Bitcoin and Digital Money Are Challenging the Global Economic Order by Paul Vigna and Michael J. Casey. (Washington Post)
Quote of the Day
"Passive investing makes a lot of sense in efficient markets. After all, if trying hard isn't going to get you ahead, you might as well diversify as much as possible and keep costs low. But, counterintuitively, passive investing makes even more sense in inefficient markets."
(Samuel Lee)
Chart of the Day

The ultimate contrarian trade: long the Russian ruble and short the Swiss franc.
Markets
- A cautionary note on 2015 S&P 500 earnings. (thefatpitch.tumblr.com)
- Stock dispersion is up in 2015. (bloomberg.com)
Strategy
- Even 'lost decade' see certain stocks go on epic runs. (ivanhoff.com)
- Why market timing is so difficult in practice. (sensibleinvesting.tv)
- Why your expectations for 'real, real returns' are likely too high. (pragcap.com)
Companies
Finance
- Why equity markets could use a speed limit on high frequency traders. (bloombergview.com)
- Beware the subprime auto backed loan bubble. (dealbook.nytimes.com)
- Our financial system is constantly at-risk from bad actors. (crossingwallstreet.com)
ETFs
- A profile of TCW, five years after the exit of Jeffrey Gundlach. (institutionalinvestor.com)
- Investors pulled money from growth funds in 2014. (news.morningstar.com)
Russia
- Russia catches a downgrade to junk. (ft.com)
- Why investors are pouring money into the Market Vectors Russia ETF ($RSX). (businessweek.com)
Global
- Fears of disinflation are overdone. (ftalphaville.ft.com)
- Expectations for Greek stocks are pretty low at this point. (humblestudentofthemarkets.blogspot.com)
Economy
- On the prospects for a federal budget surplus. (ftalphaville.ft.com)
- US consumer confidence is soaring. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Tips on making your savings resolutions stick. (abnormalreturns.com)
- Startup links: courage vs. intelligence. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)