Book notes: Disrupted: My Misadventure in the Startup Bubble by Dan Lyons is “a book about a 50-year-old guy trying to reinvent himself and create a new career.” (Inc.)
Quote of the Day
"Having a trading edge is essential, and if you don’t have that then you can have everything else right, and you will still lose money...However, applying that edge requires that you have an Edge–a constructive framework to guide all of your activities."
(Adam Grimes)
Chart of the Day

There has been a downshift in the percentage of Americans who own stock.
Markets
- Down five years in a row? Expect a snap back rally. (mebfaber.com)
- Market timers are getting bullish. (biiwii.com)
- Good luck trying to explain this graph. (dashofinsight.com)
Offers
- Show Mom you care this year. Give her the gift of Amazon Prime. (amazon.com)
- Have you checked out "Outlander" yet on Starz? If not sign up for a free trial to Starz on Amazon. (amazon.com)
Apple
- Apple ($AAPL) has a services problem. (stratechery.com)
- Why Apple ($AAPL) may bring its chip production in-house. (macworld.com)
Hedge funds
- Hedge fund performance is a huge disappointment. (financial-math.org)
- How have hedge fund ETFs done of late? (etf.com)
Funds
- What the third wave of indexing will look like. (news.morningstar.com)
- What Janus ($JNS) is planning in the ETF space. (etf.com)
- Active vs. passive is overrated. High cost vs. low cost is where it is at. (evidenceinvestor.co.uk)
Economy
Earlier on Abnormal Returns
- Podcast links: the pivot. (abnormalreturns.com)
- The top 16 investment blogs of 2016. (fundrise.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- A new edition of Essential Listening is up with episodes on HFT, peak performance and "the pivot." (blogs.cfainstitute.org)
- Our book link round-up from April 2016. (abnormalreturns.com)
- Where to find differentiated dividend ideas: an excerpt from "Keeping Your Dividend Edge: Strategies for Growing & Protecting Your Dividends" by Todd Wenning.* (abnormalreturns.com)