Book list: Some good books read on vacation from Brad Feld including The Term Sheet: A Startup Thriller Novel by Lucas Carlson. (Brad Feld)
Quote of the Day
"To grab attention and build a reputation, it is more important to be unequivocal than to be right."
(John Kay)
Chart of the Day

The Canadian dollar is at a 12-year low relative to the US dollar. And has been trading in lock-step with oil the past few years.
Markets
- 2015 was a good year for dividends. (crossingwallstreet.com)
- The year in volatility (and the $VIX). (vixandmore.blogspot.com)
- Are we already in the midst of a global bear market? (thereformedbroker.com)
Strategy
- On the attraction of high quality stocks. (crossingwallstreet.com)
- Why not let hedge funds do your stock picking for you? (mebfaber.com)
- Why hedge funds are underperforming. (pragcap.com)
Offers
- Sign up for a trial of Audible.com and get two free e-books in the process including "The Upward Spiral: Using Neuroscience to Reverse the Course of Depression, One Small Change at a Time." (amzn.to)
- Sign up for a free 30-day trial to Amazon Prime and get streaming video and audio to boot. (amazon.com)
- Ugh. Twitter ($TWTR) wants to increase the length of tweets to 10k characters. (bloomberg.com)
- Twitter ($TWTR) has 'walled garden' envy. (slate.com)
Companies
- Yahoo ($YHOO) just keeps on attracting activist investors. (nytimes.com)
- Why Chipotle ($CMG) failed to take steps to combat food-borne illness (strategy-business.com)
Finance
- Boutique investment banks, like Centerview Partners, are gaining share. (nytimes.com)
- '2&20' can still lead to huge payouts to hedge funds in a down year. (next.ft.com)
Funds
- Vanguard had $236 billion in inflows in 2015. (wsj.com)
- Franklin Templeton ($BEN) is getting into the smart beta ETF game. (blogs.barrons.com)
- Past performance isn't enough to select winning mutual funds. (news.morningstar.com)
- Bullish on oil? There are better ways than to play the United States Oil Fund ($USO). (bloomberg.com)
Global
Economy
- The ADP employment report showed growth in December. (capitalspectator.com)
- The December ISM non-manufacturing survey declined. (calculatedriskblog.com)
- US car sales hit a record high in 2015. (washingtonpost.com)
Earlier on Abnormal Returns
- Personal finance links: high yield bonds are a different beast. (abnormalreturns.com)
- What you may have missed in our Tuesday linkfest. (abnormalreturns.com)
- Showtime's "Billions" is on the air. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in December 2015. (abnormalreturns.com)