Berkshire books: The ultimate Warren Buffett book list including Lawrence Cunningham’s Berkshire Beyond Buffett: The Enduring Value of Values. (MoneyBeat)
Quote of the Day
"They take less risk nowadays because that’s what their investors are asking for...So hedge funds aren’t the most likely place for a blowup. There will just be endless mediocrity year after year delivered at great expense.”
(Simon Lack)
Chart of the Day

Netflix has the largest revenue per employee of any large cap technology company in North America.
Strategy
- What does market sentiment mean in an instant feedback era? (jeffhirsch.tumblr.com)
- The trading gods think us humans are hilarious. (bloombergview.com)
- The upside of quant: a focus on things you can control. (systematicrelativestrength.com)
- Asset allocation funds have a wide range of strategies (and returns). (capitalspectator.com)
Companies
- Warren Buffett has been writing big checks for overseas companies. (reuters.com)
- A big case for JP Morgan ($JPM) is diversification. (brooklyninvestor.blogspot.com)
Finance
- Bridgewater Associates is forming an AI group to help trade its vast portfolio. (bloomberg.com)
- Why sell-side analysts don't need to be right all that often. (theclassicalliberals.com)
Net neutrality
- A rare loss for the lobby-laden Internet providers. (fortune.com)
- The surprising path of the net neutrality rule. (newyorker.com)
Economy
- Chalk one up for the Saudi's oil realpolitik. (bloomberg.com)
- The upside of a downward revision in Q4 US GDP. (qz.com)
Earlier on Abnormal Returns
- Podcast links: retirement optimism. (abnormalreturns.com)
- What you may have missed in our Thursday linkfest. (abnormalreturns.com)