Book notes: Three reasons why you need to “unfocus” your time to enhance creativity. A look at The Happiness Track: How to Apply the Science of Happiness to Accelerate Your Success by Emma Seppälä. (Washington Post)
Quote of the Day
"A bad stock market will literally make you sick."
(Wes Gray)
Chart of the Day

Consumer discretionary, finance and health care are sitting at yearly lows.
Markets
- Risky assets remain in retreat. (capitalspectator.com)
- The S&P 500 is back to 2013 levels. (blog.afraidtotrade.com)
Strategy
- If you could know one asset prices twenty years hence, what would you pick? (marginalrevolution.com)
- Fixed income can still act as a portfolio stabilizer. (awealthofcommonsense.com)
- A list of the top traders to follow on StockTwits. (venkysrinivasan.com)
Offers
- MODERN TRADER Magazine—the essential journal for professional traders and active investors. This special subscription offer includes free investment classic book! (moderntrader.com)
- Sign up for a 30-day trial of Audible.com and get two free books including "The Happiness Track." (amazon.com)
Companies
- Investors are for now giving Alphabet ($GOOGL) a lot of leeway when it comes to investing. (economist.com)
- The MLP myth is dead. (thereformedbroker.com)
Finance
- Currency traders are getting left behind on Wall Street. (bloomberg.com)
- It's time for the big PE firms to buy back some stock. (next.ft.com)
- Just how "peer-to-peer" is peer-to-peer lending these days? (ftalphaville.ft.com)
- Why some hedge funds are betting against investment grade credit. (wsj.com)
Funds
- Fund managers can't stand still and let 'smart beta ETFs' eat their lunches. (ft.com)
- Picking outperforming funds ex-ante is difficult. (evidenceinvestor.co.uk)
- A closer look at the Loncar Cancer Immunotherapy ETF ($CNCR). (etf.com)
- Do illiquid bonds belong in a bond ETF? (wsj.com)
- The tax case against Vanguard is a little "silly." (bloombergview.com)
Global
Economy
- Why the Fed is on hold indefinitely. (econbrowser.com)
- Lumber prices are falling. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Research links: destroying alpha. (abnormalreturns.com)
- What you may have missed in our Sunday linkfest. (abnormalreturns.com)
Offers
- Who needs Spotify or Pandora when your Amazon Prime account allows for free music streaming. Start a free-trial now! (amazon.com)
- The uber-popular Amazon Fire 7" is once again only $39.99. (amzn.to)