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Quote of the Day
"In other words, the ongoing flight from active funds into index products carries with it a self-reinforcing trend that exacerbates the underperformance of managers rather than cures it."
(Joshua Brown)
Chart of the Day

Brazil’s stock market has been down a long time. Time for a change?
Markets
- "Off model events" happen all the time in financial markets. (ft.com)
- The bond market is finally experiencing some negative volatility. (pragcap.com)
- Ten high confidence stock picks from the "ultimate stock pickers." (news.morningstar.com)
Strategy
- Markets don't have memories but market participants do. (awealthofcommonsense.com)
- Is Warren Buffett a closet technician? (midnighttrader.tumblr.com)
Companies
- What Microsoft ($MSFT) should do next. (linkedin.com)
- Microsoft ($MSFT) has woken up to the new reality of software. (stratechery.com)
- How Apple ($AAPL) could compete in streaming music. (qz.com)
- What is Yahoo ($YHOO) worth post-spinoff? (microfundy.tumblr.com)
Finance
- There are no real winners in mobile finance yet. (medium.com)
- Hedge funds are tiptoeing back into energy stocks. (dealbook.nytimes.com)
- BATS Global is going to take another crack at an IPO. (wsj.com)
- Private equity is getting into the casino turnaround business. (wsj.com)
- Twenty great places to work in financial services. (fortune.com)
Economy
- The most important charts in the world. (businessinsider.com)
- On the risk of automation for even high paying jobs. (blogs.wsj.com)
- Econ blogs you should be reading. (bloombergview.com)
Earlier on Abnormal Returns
- Personal finance links: overdiversified portfolios. (abnormalreturns.com)
- Sh*t happens in financial markets: get used to it. (businessinsider.com)
- My radio hit on The ETF Store Show on lessons learned in investing and the rise of ETFs. (etfstore.com)
- What you may have missed in our Tuesday linkfest. (abnormalreturns.com)