Book recommendation: Tyler Cowen loves Ashlee Vance’s biography of Elon Musk and says “so far it is the book I have enjoyed most this year.” (Marginal Revolution)
Quote of the Day
"Smart beta is much more smart marketing than smart investing."
(Burton Malkiel)
Chart of the Day

The muted case for the future returns on a 60/40 portfolio.
Markets
- The case for the Japanese Yen. (marketanthropology.com)
- Don't overstate the importance of share buybacks. (blogs.barrons.com)
- Price-to-book is a meh factor. (investorfieldguide.com)
Trading
- Prediction is not necessary to make money in the markets. (jonboorman.com)
- How to manage your weaknesses. (thefelderreport.com)
- How to have more courage in trading. (kirkreport.com)
- 19 sites traders use to prepare for their day. (mikebellafiore.tumblr.com)
Companies
Finance
- Dividends and share buybacks are pushing investment and R&D aside. (wsj.com)
- Do as Mario Gabelli says not as he does. (nytimes.com)
- Tech companies are gearing up for more activist investors. (wsj.com)
- The danger of M&A predictions. (cnbc.com)
Funds
- Smart beta strategies are getting crowded. (ft.com)
- China is driving emerging market performance YTD. (blogs.wsj.com)
Economy
- How much of the value of the Internet is captured in GDP? (marginalrevolution.com)
- Why are American workers so reluctant to move for a new job? (cbsnews.com)
- Older suburbs are going through the teardown phase. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: your best advocate. (abnormalreturns.com)
- What you might have missed in our Tuesday linkfest. (abnormalreturns.com)