Quote of the Day
"There’s a mocking statement that “it’s different this time” are the four most costly words in investing. And sure, investors fall for some of the same traps again and again. But for many things, it’s always different this time. Things change. So should you."
(Morgan Housel)
Chart of the Day

The PowerShares S&P Low Volatility ($SPLV) is no longer all that low vol.
China
- Healthy markets don't move like the Chinese stock market. (crossingwallstreet.com)
- Chinese investors are pouring into Hong Kong stocks. (qz.com)
- Expectations for Alibaba ($BABA) are coming into line with the stock. (pando.com)
Markets
- Average returns are exceedingly rare. (ritholtz.com)
- Large caps and mid caps are acting differently. (athrasher.com)
- The drop in 2015 S&P 500 earnings estimates has been pretty sharp. (stefancheplick.tumblr.com)
Trading
- An example of how journaling and intensive data analysis helps portfolio managers reduce errors. (blogs.barrons.com)
- Why position sizing matters. (adamhgrimes.com)
- 17 reasons why traders love to trade. (smbtraining.com)
- Hot guys make others take more risks. (newscientist.com)
Companies
- Are quotas the best way to get women onto corporate boards? (nytimes.com)
- Why hasn't there been more tech-related M&A? (fortune.com)
Finance
- Yet another example of pension funds paying too much for hedge fund exposure. (thereformedbroker.com)
- Sophisticated investors aren't all that sophisticated. (ftalphaville.ft.com)
Funds
Global
- Switzerland just sold 10-year debt with a negative yield. (ft.com)
- The divergence between ECB and Fed policy illustrated. (bloomberg.com)
Economy
- Weekly initial unemployment claims continue to trend below 300k. (calculatedriskblog.com)
- Why so many routine jobs are going away. (blogs.wsj.com)
- Home buyers who previously defaulted are now back in the market. (wsj.com)
- On the so-called revival of economic history as a discipline. (economistsview.typepad.com)
Earlier on Abnormal Returns
- Longform links: on the rise of daily fantasy sports. (abnormalreturns.com)
- What you may have missed in our Wednesday linkfest. (abnormalreturns.com)