Book review: The Oracle of Oil: A Maverick Geologist’s Quest for a Sustainable Future by Mason Inman is “nevertheless a fascinating read.” (FT)
Quote of the Day
"The CAPE ratio is not some wise old friend that has been around for centuries. It was invented only recently and has not worked very well."
(Jeff Miller)
Chart of the Day

Why the Market Vectors Fallen Angel High Yield Bond ETF ($ANGL) is outperforming the main line high yield bond ETFs.
Strategy
- All successful investment strategies have periods of 'failure' i.e. underperformance. (awealthofcommonsense.com)
- Don't underestimate the value of consistency of momentum. (fortunefinancialadvisors.com)
- How to deal with the psychological challenges of long-term trend following. (dualmomentum.net)
Offers
- Subscribe to Modern Trader and one free month, the MT app and access to all past issues. (moderntrader.com)
- Get Mom something she really wants: the gift of Amazon Prime. (amazon.com)
- You can get a Kindle Paperwhite for $20 off for a limited time. (amazon.com)
Companies
- Amazon's ($AMZN) AWS is a beast. (wsj.com)
- Twitter ($TWTR) is a series of missed opportunities. (money.cnn.com)
- What Apple ($AAPL) can learn from Dyson. (next.ft.com)
Berkshire Hathaway
- Berkshire Hathaway ($BRKA) benefits greatly from deferred taxes. (ftalphaville.ft.com)
- How Berkshire Hathaway ($BRKB) came to be. (wsj.com)
- Why should we care about what Warren Buffett has to say? (finance.yahoo.com)
- Investors are learning the wrong lesson from Warren Buffett. (marketwatch.com)
- Some links to all things Buffett. (validea.com)
Finance
- Hedge fund haters are gaining strength. (nymag.com)
- Post-Valeant ($VRX), the Sequioa Fund has reopened to investors. (wsj.com)
Funds
- Why fund costs are falling. (news.morningstar.com)
- Smart beta needs a public champion. (bloomberg.com)
- The fund fee war spreads to the UK. (evidenceinvestor.co.uk)
- Your choice of index matters: the case of spin-off ETFs. (etf.com)
Economy
- The Chicago PMI is hugging the 50 level. (calculatedriskblog.com)
- Corporate profits are still in decline. (wsj.com)
- How the Fed could get hawkish, in a hurry. (economistsview.typepad.com)
- Why is productivity so weak? (nytimes.com)
Earlier on Abnormal Returns
- Podcast links: blind hiring challenges. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)