Book awards: The Financial Times and McKinsey Business Book of the Year Award short list is out and includes How Music Got Free: The End of an Industry, The Turn of the Century, and The Patient Zero of Piracy by Stephen Witt. (FT)
Quote of the Day
"He’s [Jeff Bezos] observed that the smartest people are constantly revising their understanding, reconsidering a problem they thought they’d already solved. They’re open to new points of view, new information, new ideas, contradictions, and challenges to their own way of thinking."
(Jason Fried)
Chart of the Day

A review of the valuation landscape for public consumer Internet companies.
Markets
- Say hello to the US profits recession. (businessinsider.com)
- According to Martin Fridson high yield bonds are once again fairly valued (blogs.barrons.com)
- More signs that emerging market equities are sold out. (blog.gavekalcapital.com)
- Futures "hedgers" are net long S&P 500 futures. (jlfmi.tumblr.com)
Strategy
- Why volatility leads to poor decision making. (brianportnoy.tumblr.com)
- What do stock prices actually tell us? (bloombergview.com)
Offers
- Why bother buying a case when Amazon ($AMZN) is selling Fire HD tablets for $49.99? (amzn.to)
- Modern Trader Magazine—the essential journal for professional traders and active investors. Check out this special subscription offer including a free investment classic! (moderntrader.com)
- With Karma Go from @yourKarma you can take WiFi with you everywhere. Use my code for $10 off yours! (yourkarma.com)
Companies
- Facebook ($FB) is getting buy-in from major publishers for its "instant article" effort. (recode.net)
- The Apple ($AAPL) iPhone 6s is about engineering. The 6 is about design. (daringfireball.net)
Finance
- The big banks are making it harder to share their research. (bloomberg.com)
- Why the big brokers are pushing into robo-advice. (ft.com)
- HFT are all over the Treasury market. (businessinsider.com)
Bond market
- A more concentrated bond side is one argument for bond market illiquidity. (alephblog.com)
- Bond market liquidity fears are nothing new. (ftalphaville.ft.com)
ETFs
- ProShares is launching a series of S&P 500 ETFs that x-out certain industries. (investmentnews.com)
- Goldman Sachs ($GS) has chosen to compete on price to get into the ETF business. (well.blogs.nytimes.com)
Economy
- The US manufacturing slowdown is accelerating. (capitalspectator.com)
- Policy uncertainty is back. (econbrowser.com)
Earlier on Abnormal Returns
- Personal finance links: saving money in your 20s. (abnormalreturns.com)
- My Fireside Markets talk with James Osborne of Bason Asset Management. (abnormalreturns.com)
- What you may have missed in our Tuesday linkfest. (abnormalreturns.com)
- "The Big Short" hits the big screen. (abnormalreturns.com)
- 'Smart beta 2.0' is the new active management. (abnormalreturns.com)