Book notes: Shane Parrish, “The Art of Stillness: Adventures in Going Nowhere [by Pico Iyer] is a persuasively argued case for the pleasures of slowing down and being in one place. The adventure of going nowhere but inside ourselves.” (Farnam Street)
Quote of the Day
"If you have done great as an investor over the past five years, check your ego at the door. Almost everyone has done well. The true test of investor skill is how you react during times of panic and distress."
(Morgan Housel)
Chart of the Day

Gavyn Davies, “Equity price action has therefore been unusually buoyant at a time when some key fundamentals are not as supportive as they have been for several years. Increased caution may be warranted for a while.”
Markets
- Why momentum investors are driving the stock market at the moment. (valueplays.net)
- Markets are, for now, shaking off weaker earnings. (blog.bcaresearch.com)
- Why the exact timing of the first Fed hike does not matter to investors. (marginalrevolution.com)
- Why it may be time to favor TIPS. (marketanthropology.com)
Strategy
- The hurdles to generating alpha keep rising. (etf.com)
- On the (many) challenges of using non-linear systems to invest. (humblestudentofthemarkets.blogspot.ca)
- Reflections on what it is to be a trader. (traderfeed.blogspot.com)
Companies
- Should Google ($GOOGL) pull an Apple ($AAPL) and start buying back shares and a big dividend? (online.barrons.com)
- Thinking about an Apple ($AAPL) Car as just another design problem. (persquaremile.com)
- Why New England pays so much for electricity: a lack of infrastructure. (sl-advisors.com)
Berkshire Hathaway
- The 2014 Berkshire Hathaway ($BRKA) annual shareholder letter. (berkshirehathaway.com)
- Did Buffett move the goalposts on performance? (alphaarchitect.com)
- Charlies Munger named the two possible Buffett successors. (jeffmatthewsisnotmakingthisup.blogspot.com)
- Why has Berkshire done so well over the past 50 years? (bloombergview.com)
- Berkshire's main strength: starving its dying businesses of capital. (thereformedbroker.com)
- A dozen things learned from Warren Buffett in his 50th anniversary shareholder letter. (25iq.com)
- Lessons from Berkshire on how manage money. (csen.tumblr.com)
Finance
- This may the dumbest financial contract ever written. (ftalphaville.ft.com)
- Activist investors are direct descendents of the greenmailers of old. (online.barrons.com)
- The Russell 2000 has a big (ongoing) problem: the annual rebalancing. (online.barrons.com)
Economy
- A succinct summary of the past week in data. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- What books Abnormal Returns readers purchased most in February 2015. (abnormalreturns.com)
- Top clicks this week on the site. (abnormalreturns.com)
- What you may have used in our Saturday linkfest. (abnormalreturns.com)