Book review: Emanual Derman thinks The Age of Cryptocurrency: How Bitcoin and Digital Money are Challenging the Global Economic Order by Paul Vigna and Michael J. Casey is “timely and colorful.” (NYTimes)
Quote of the Day
"A painful irony in investing is that the stock market works best for people who have decades to invest. But those people tend to have little money."
(Morgan Housel)
Chart of the Day

Brazil’s stock market is back down to post-financial crisis lows.
Strategy
- The shift away from dividends and towards growth illustrated. (philosophicaleconomics.com)
- The mirage that is alternative investments. (rpseawright.wordpress.com)
- A look at 3-factor dual momentum. What adding low vol does for (rrspstrategy.wordpress.com)
- What's right with finance. (awealthofcommonsense.com)
Cable
- The economics of the cable business is going to change dramatically. (asymco.com)
- Unbundling is happening faster than cable companies can imagine. (wsj.com)
- Just how much money will consumers save by cutting the cord? (latimes.com)
Finance
- REITs are having few problems raising money. (wsj.com)
- Why the US should issue MORE bonds. (bloombergview.com)
ETFs
- The 2014 ETF.com awards are a good review of the past year. (etf.com)
- The plunge in oil has had a varied effect on MLP ETP performance. (etf.com)
- Money continues to pour out of bank loan funds. (ft.com)
Yield curve
- How the yield curve is predictive of future economic activity. (econbrowser.com)
- The yield curve isn't forecasting much of anything. (bonddad.blogspot.com)
Earlier on Abnormal Returns
- Podcast links: the Four Horsemen of the Internet. (abnormalreturns.com)
- Competition works: the case of fund expenses. (abnormalreturns.com)
- What you may have missed in our Thursday linkfest. (abnormalreturns.com)