Book review: Roger Lowenstein’s book, America’s Bank: The Epic Struggle to Create the Federal Reserve should be read by any one interested in the history of markets. (The Reformed Broker)
Quote of the Day
"Amazon is playing a different game than the rest of the industry. There is no “correct” valuation for Amazon because nothing like this has ever existed."
(Jeff Macke)
Chart of the Day

A big chunk of the world has negative bond yields. (via @MktOutperform)
Strategy
- Five rules for surviving the bear market from "The Revenant." (fortune.com)
- Thirteen thoughts about bear markets. (ivanhoff.com)
- A short-term approach to long-term capital is a mistake. (awealthofcommonsense.com)
Offers
- Tax time is rapidly approaching. Get up to 40% off TurboTax at Amazon. (amazon.com)
- Sign up for an Audible.com free trial and get two audio books including "America’s Bank: The Epic Struggle to Create the Federal Reserve." (amazon.com)
- Amazon series, like "Mozart in the Jungle," won more Golden Globes than Netflix. Check them all out with a 30-day Prime trial. (amazon.com)
Companies
- Amazon ($AMZN) is not going to freeze UPS ($UPS) and FedEx ($FDX) out. (fortune.com)
- Xerox ($XRX) is splitting into two companies. (wsj.com)
- Comparing technology sector valuations. (mahesh-vc.com)
Finance
- Buy side investors are cutting back on bank research. (next.ft.com)
- 1/4 of global bonds trade at a negative yield. (next.ft.com)
Funds
- Have ETFs become too popular for their own good? (next.ft.com)
- Managed futures are a great portfolio diversifier. (marketwatch.com)
Economy
- US GDP growth slowed dramatically in Q4 2015. (capitalspectator.com)
- The Chicago PMI jumped sharply in January. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Podcast links: fostering creativity. (abnormalreturns.com)
- What you may have missed in our Thursday links. (abnormalreturns.com)
- Cost-obsessed ETF investors run amok. (abnormalreturns.com)
- A new Essential Listening is up with a talk with the inventor of 'Bowie bonds.' (blogs.cfainstitute.org)
- Treasury bonds: the ultimate 'alternative asset' class. (abnormalreturns.com)
- Ongoing gender disparity in money management. (abnormalreturns.com)