Book notes: In The China Boom Ho-fung Hung asks whether China will rule the world… (Reading the Markets)
Quote of the Day
"The problem is that the myRA gives people a means to get started, but not much incentive."
(Chuck Jaffe)
Chart of the Day

Wage growth finally seems to be breaking out to the upside.
Markets
- The price of Bitcoin has come back from the dead. (nytimes.com)
- Muni bonds have had a nice year. (wsj.com)
- This it the worst earning season since 2009. (bloomberg.com)
Strategy
- The sequence of returns matters a great deal to individual and pension plans. (nytimes.com)
- The damage a break from your investment strategy can do to your portfolio. (blog.abglobal.com)
Offers
- Try Audible.com and get two free Audiobooks including "Why Safety Can Be Dangerous and How Danger Makes Us Safe" by Greg Ip. (amazon.com)
- Get Karma Go from @yourKarma. Take WiFi with you everywhere. Use this code for $10 off yours. (yourkarma.com)
Companies
Finance
- Just how myopic are activist investors? (nytimes.com)
- Companies are caving in ever quicker to activists. (bloomberg.com)
- Public companies have private company envy. (nytimes.com)
- The National Stock Exchange is relaunching with a twist. (wsj.com)
- Goldman Sachs ($GS) is going to promote young bankers faster. (bloomberg.com)
Funds
- Peter Krause CEO of AllianceBernstein ($AB) really, really doesn't like ETFs. (nytimes.com)
- Fund managers don't focus on after-tax returns but you should. (news.morningstar.com)
- Risk-parity strategies are under increasing scrutiny. (wsj.com)
Economy
- October showed strong growth in non-farm payrolls. (calculatedriskblog.com)
- There were only a few hiccups in the NFP report. (bonddad.blogspot.com)
- Looking forward to wha the Fed will do in 2016. (economistsview.typepad.com)
Earlier on Abnormal Returns
- Podcast links: managing by the numbers. (abnormalreturns.com)
- Longform links: a shopping juggernaut. (abnormalreturns.com)
- My latest edition of "Essential Listening" at the Enterprising Investor blog includes talks with Nobel prize winner Angus Deaton and Mario Gabelli. (blogs.cfainstitute.org)
- What you may have missed in our Wednesday links. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in October 2015. (abnormalreturns.com)