Book notes: Wes Gray, Jack Vogel and David Foulke’s most recent book, DIY Financial Advisor: A Simple Solution to Build and Protect Your Wealth should have a “permanent place” on your financial bookshelf. (GestaltU)
Quote of the Day
"Any product that pays the salesman a commission or concession exceeding 7% cannot possibly be good for the investor who buys it."
(Josh Brown)
Chart of the Day

The S&P 500 hasn’t been this far above its 50-day SMA since February 2012. (@michaelbatnick)
Markets
- A rally from a sharp correction is different than a rally from a stable base. (crackerjackfinance.com)
- The case for mortgage REITs. (charlessizemore.com)
- Only three hedge fund strategies fell in October. (eqira.com)
Strategy
- How patient an investor are you? (humblestudentofthemarkets.blogspot.com)
- Adam Grimes, "The market is much bigger and much noisier than we expect." (adamhgrimes.com)
Offers
- Josh Brown is a big fan of Simon Lack's new book "Wall Street Potholes." (amzn.to)
- Get Karma Go from @yourKarma. Take WiFi with you everywhere. Use this code for $10 off yours. (yourkarma.com)
Companies
- Stanley Druckenmiller loves companies like Amazon ($AMZN) that don't give a darn about quarterly earnings. (businessinsider.com)
- Why did so many big investors get caught unawares by Valeant ($VRX)? (deadcompanieswalking.tumblr.com)
Finance
- Why are more US companies passing on going public? (nytimes.com)
- FanDuel isn't going public any time soon. (bloomberg.com)
ETFs
- Funds can only continue to charge high fees if they have prior good performance. (awealthofcommonsense.com)
- Active manager performance in so-called inefficient asset classes isn't much better. (etf.com)
- ETF investors are unbundling emerging market equities. (bloomberg.com)
- There is now a Restaurant ETF ($BITE). (blogs.barrons.com)
Economy
- The ADP employment report for October shows continued private payroll growth. (calculatedriskblog.com)
- The October non-manufacturing ISM report was strong. (calculatedriskblog.com)
- Auto sales are hot, hot, hot. (scottgrannis.blogspot.com)
- So much for the death of the exurbs. (newgeography.com)
Earlier on Abnormal Returns
- Personal finance links: a robust income stream. (abnormalreturns.com)
- What you may have missed in our Tuesday linkfest. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in October 2015. (abnormalreturns.com)