Book review: Quality Investing: Owning the Best Companies for the Long Term by Lawrence Cunningham, Torkell T. Eide and Patrick Hargreaves is “quite good.” (value and opportunity)
Quote of the Day
"For 240 years it’s been a terrible mistake to bet against America, and now is no time to start. America’s golden goose of commerce and innovation will continue to lay more and larger eggs."
(Warren Buffett)
Chart of the Day

What words Warren Buffett used the most in this year’s annual shareholder letter.
Strategy
- Investors are underestimating the strength of the economy. (dashofinsight.com)
- How recency bias hurts traders. (forbes.com)
Berkshire Hathaway
- Warren Buffett's 2015 letter to shareholders is up. (berkshirehathaway.com)
- What Warren Buffett does different. (bloomberg.com)
- Warren Buffett's greatest strength. (pragcap.com)
- The Buffett backlash. (awealthofcommonsense.com)
- Don't be fooled by Buffett's folksy persona. (dashofinsight.com)
Offers
- MODERN TRADER Magazine—the essential journal for professional traders and active investors. This special subscription offer includes free classic investment book! (moderntrader.com)
- Try Audible.com and Get Two Free Audiobooks including "When Breath Becomes Air." (amazon.com)
- Join Amazon Prime Music - The Only Music Streaming Service with Free 2-day Shipping - 30-day Free Trial. (amazon.com)
- The gadget reviewers are crazy for the new Eero home wi-fi solution. Buy it here: (amzn.to)
Companies
- Why Viacom ($VIA) should sell a stake in Paramount. (forbes.com)
- "The elephant in the MLP room is whether distributions will be maintained." (sl-advisors.com)
- The case for more consolidation in the mortgage REIT space. (blogs.barrons.com)
Finance
- Why are investors so willing to overlook the high cost of stock-based compensation? (barrons.com)
- Lower valuations are catnip to private equity. (blogs.wsj.com)
- Pension funds continue to shift out equities into alternative assets. (next.ft.com)
Funds
- Not all mutual fund fees are disclosed. (wsj.com)
- AQR dominates the alternative asset fund space. (barrons.com)
- Who will buy ETMFs? (etf.com)
- Is indexing just another investing fad? (pragcap.com)
Economy
- The Fed is not off the table for all of 2016. (soberlook.com)
- Middle aged men have been leaving the workforce for decades. (marginalrevolution.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you may have missed in our Saturday linkfest. (abnormalreturns.com)