Book notes: Writing is thinking on the page. Insights from 101 Things I Learned in Law School by Matthew Frederick and Vibeke Norgaard Martin. (Farnam Street)
Quote of the Day
"Being fully in cash warps your mind and does not allow you to think straight. It’s sure to result in emotional problems as well. Plus, it’s a money loser."
(Josh Brown)
Chart of the Day

10-year expected returns and risk via Research Affiliates.
Markets
- Domestic megacaps are now outperforming. (allstarcharts.com)
- The risk to biotechs. (howardlindzon.com)
- Should investors be afraid that hedge fund-focused "Billions" is on the air? (bloombergview.com)
Strategy
- Market drops don't always have an obvious trigger. (rpseawright.wordpress.com)
- Traders gain confidence by moving outside their areas of comfort. (traderfeed.blogspot.com)
- Is cash a position? (ivanhoff.com)
Offers
- Get an Audible.com free trial and listen to two books for free including "The Index Card: Why Personal Finance Doesn't Have to be Complicated." (amazon.com)
- Take WiFi with you everywhere with Karma Go. Use my code for $10 off yours now! (yourkarma.com)
- Sign up for our daily e-mail newsletter to stay up-to-date with all of our posts. (abnormalreturns.com)
- Sign up for a 30-day trial from Amazon Prime and get access to a huge video library and much, much more. (amazon.com)
Companies
- Pharmaceutical companies can't keep their hands off each other: the case of Shire ($SHPG) and Baxalta ($BXLT). (nytimes.com)
- Why train stocks have been so weak. (qz.com)
- Apple ($AAPL) Music reportedly has 10 million paying subscribers. (ft.com)
Finance
- Calpers cut fees but cutting hedge funds. (ai-cio.com)
- "What started as “peer to peer” lending has become deeply immeshed in the machinery of Wall Street." (ftalphaville.ft.com)
- Citigroup ($C) is becoming more of a force in equity trading. (wsj.com)
- You can now add StockTwits to your Slack organization. (blog.stocktwits.com)
Funds
- Institutional investors are no better than amateurs when they fire fund managers. (awealthofcommonsense.com)
- Why good mutual fund research is hard to find. (blogs.cfainstitute.org)
- SnapChat may be getting into the robo-advisor business. (qz.com)
Global
- The global economy is doing better than everyone thinks. (blogs.ft.com)
- Norway is thinking of upping its equity exposure. (wsj.com)
Economy
- Did the Fed blow another asset bubble? (econbrowser.com)
- The markets do not believe the Fed will raise rates four times in 2016. (soberlook.com)
Earlier on Abnormal Returns
- Research links: benchmarking momentum. (abnormalreturns.com)
- What you may have missed in our Sunday linkfest. (abnormalreturns.com)
- Personal finance sophistication. Insights from Pollack and Olen's "The Index Card: Why Personal Finance Doesn't Have to be Complicated."* (abnormalreturns.com)