Holiday list: Barry Ritholtz picks gifts for the holidays including The Library: A World. (Big Picture)
Quote of the Day
"..IQ and market knowledge are necessary but insufficient conditions for investment hopefuls. For full success, investors must be wedded to adaptability, practicality, flexibility--the willingness to modify, when the actions of human beings fail to behave as they did in the past."
(John Rekenthaler)
Chart of the Day

The relationship between the Fed Funds rate and the stock market this century.
Markets
- Did we already have the post-Fed selloff? (thereformedbroker.com)
- Natural gas is at 14-year lows. (wsj.com)
Strategy
- Three lessons learned from the junk bond collapse. (pragcap.com)
- We are too quick to declare 'new paradigms.' (valueplays.net)
- 5 favorite follows on StockTwits. (tbruni.dormroomcapital.com)
Offers
- You can still get 25% off of any print book at Amazon including "The Library: The World." (amzn.to)
- MODERN TRADER Magazine—the essential journal for professional traders and active investors. Get one of five investment classics with this special subscription offer! (moderntrader.com)
- Sign up for a trial of Audible.com and get two free e-books in the process including "Misbehaving: The Making of Behavioral Economics." (amazon.com)
Yahoo
- What has really changed at Yahoo ($YHOO) over the past three years? (nytimes.com)
- Yahoo ($YHOO) spending is out of whack with its results. (mashable.com)
- The CEO is not THE problem at Yahoo ($YHOO). (om.co)
- Can Yahoo ($YHOO) turnaround by focusing on sports and finance? (fortune.com)
- Yahoo ($YHOO) needs a tax expert, post haste. (bloombergview.com)
Finance
- Credit risk has migrated from the banks to investors. (bloombergview.com)
- Marketplace lenders have never experienced a rate hike cycle. (ftalphaville.ft.com)
- Experienced Wall Street execs are jumping on the fintech bandwagon. (ft.com)
Economy
- The credit hiccup is not going to bring the economy down. (scottgrannis.blogspot.com)
- On the parallels between 1998 and today. (ftalphaville.ft.com)
- New home builders are still pretty optimistic. (calculatedriskblog.com)
- Inflation in November: 2%. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Startup links: micro VCs. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)
- A house is an asset not an investment. (abnormalreturns.com)