Book recommendation: Lasse Pedersen’s Efficiently Inefficient: How Smart Money Invests and Market Prices are Determined is a must-read for serious investors. (ETF)
Quote of the Day
"Investors complicate things. They trade, they fiddle, they buy this and sell that—all with the hope of achieving a higher return than can be earned sitting still and letting the market work for you."
(Morgan Housel)
Chart of the Day

The market seems to like the idea of Interactive ($IACI) spinning off Match.com and Tinder in a separate company.
Strategy
- Luck plays a huge role in performance. (marketwatch.com)
- A dozen things learned from Todd Wenning about investing. (totalreturninvestor.blogspot.com)
- A look back at the "forgotten bull market" of 1949-1955. (crossingwallstreet.com)
Companies
- You can think Google ($GOOG) for faster broadband. (technologyreview.com)
- Don't worry about Martha Stewart, she will do just fine. (footnoted.com)
- CFOs are big extrapolaters. (blog.alphaarchitect.com)
Finance
- On the rise of the compliance officer. (bloomberg.com)
- Is the private equity space over crowded? (ai-cio.com)
Funds
- Peer-to-peer lending goes mainstream with a proposed closed-end fund. (bloomberg.com)
- A look at the return dispersion in "copycat" ETFs. (etf.com)
Economy
- Weekly initial unemployment claims continue to trend below 300k. (calculatedriskblog.com)
- Americans are working more...and watching more TV. (blogs.wsj.com)
- Where the American workforce is set to grow (and shrink). (bloomberg.com)
- Lenders are targeting borrowers who previously went through foreclosure. (wsj.com)
Earlier on Abnormal Returns
- Longform links: curation vs. algorithms. (abnormalreturns.com)
- You want books? We got books! A list of all our book-related links over the past month. (abnormalreturns.com)
- What you may have missed in our Wednesday linkfest. (abnormalreturns.com)