Book list: Five books that put some life in the “dismal science” including Chicagonomics: The Evolution of Chicago Free Market Economics by Lanny Ebstein. (Bloomberg View)
Quote of the Day
"It turns out that the financial markets are perfectly happy to back long-term investment, so long as it has the prospect of a genuine return."
(Matthew Lynn)
Chart of the Day

Emerging markets have been underperforming domestic equities since 2010.
Markets
- Major asset class performance for December 2015. (capitalspectator.com)
- Managed futures had a flat year. (managed-futures-blog.attaincapital.com)
- It's tough to be a junk bond bull. (institutionalinvestor.com)
Strategy
- Record M&A shouldn't be a reason to be afraid of the market. (fortune.com)
- Good traders are self-aware. (smbtraining.com)
Offers
- Sign up for a free 30-day trial to Amazon Prime and get streaming video and audio to boot. (amazon.com)
- Sign up for a trial of Audible.com and get two free e-books in the process including "The Upward Spiral: Using Neuroscience to Reverse the Course of Depression, One Small Change at a Time." (amzn.to)
Apple
- There is no shortage of questions about Apple ($AAPL) going into 2016. (aboveavalon.com)
- Why the 2012 non-Retina Macbook Pro still sells. (marco.org)
- Check out the Apple 13-inch MacBook Pro on Amazon. (amzn.to)
- Apple ($AAPL) would have to change this one thing about autos before entering the market. (asymco.com)
Finance
- Carlyle Group ($CG) stock looks cheap. (reuters.com)
- Google ($GOOGL) wants to get deeper into the financial services business. (ftalphaville.ft.com)
- Lenders should have some loans that default. (ftalphaville.ft.com)
Hedge funds
- 2015 was a disappointing year for hedge fund inflows. (ai-cio.com)
- A profile to the consultant to the hedge fund stars. (wsj.com)
- Macro investors need to get too many things right to make money. (thereformedbroker.com)
Funds
Economy
Earlier on Abnormal Returns
- Showtime's "Billions" is on the air. (abnormalreturns.com)
- Startup links: building it. (abnormalreturns.com)
- What you may have missed in our Monday linkfest. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in December 2015. (abnormalreturns.com)
- Multi-factor madness: insights from Josh Brown's "What I learned in 2015..." post. (abnormalreturns.com)