Book review: Charles Duhigg’s Smarter, Faster, Better: The Secrets of Being Productive in Life and Business contains some “brilliant storytelling.” (Scientific American)
Quote of the Day
"The best antidote to a world with low returns is to save more money...The simple answer no one wants to hear but is far more likely to help you is that everyone should be saving more money to make up for low returns. It's advice that is as effective as it is hard to swallow."
(Morgan Housel)
Chart of the Day

The bull market in everything: assets that hit all-time highs this week.
Markets
- The S&P 500 total return index is at a new all-time high. (thereformedbroker.com)
- No matter how you slice it a lot of assets are quite extended. (shortsideoflong.com)
- Despite a 20% jump, gold is still a pet rock. (blogs.wsj.com)
- Welcome to the anti-risk bond bubble. (awealthofcommonsense.com)
- There is a big sector rotation on the horizon. (dashofinsight.com)
- Dividend stocks have been outperforming non-payers YTD. (disciplinedinvesting.blogspot.com)
Strategy
- There are three ways to make money in the markets: none of which are easy. (awealthofcommonsense.com)
- Why you need to accept the reality of market volatility. (fool.com)
- You can't improve your performance if you don't understand your performance. (traderfeed.blogspot.com)
- Don't trade money you can't afford to lose. (sparkfin.com)
- The 9 rules of research according to Ned Davis. (athrasher.com)
Offers
- Amazon Prime Day is coming July 12th. Don't miss out on exclusive deals. (amazon.com)
- Subscribe to Modern Trader magazine and get 4 bonus offers. (moderntrader.com)
- Try Audible.com and get two free books like "Smarter Faster Better" by Charles Duhigg. (amazon.com)
Companies
- Who will be the Facebook ($FB) of e-commerce? (ben-evans.com)
- Amazon ($AMZN) is set to pass Berkshire Hathaway ($BRKA) in market cap. (blogs.wsj.com)
Finance
- Reg A+, or mini-IPOs, are definitely not a thing. (wsj.com)
- Bro-talk and the lack of women on Wall Street. (nytimes.com)
- Hedge funds are raiding tech firms for talent. (bloomberg.com)
- Renaissance Technologies is gearing up to fight the HFT war. (bloomberg.com)
Funds
- Vanguard has done well for fund shareholders and its employees. (bloomberg.com)
- Fidelity pivots to the passive side. (thereformedbroker.com)
- What does it mean to be an actively managed fund these days? (beta.morningstar.com)
- Bridgewater's funds are going in opposite directions this year. (wsj.com)
- Goldman Sachs ($GS) is asking its money managers to cut costs. (next.ft.com)
- The 5 P's of mutual fund due diligence. (beta.morningstar.com)
ETFs
- Multi-factor ETFs are gaining steam. (barrons.com)
- Anatomy of a dud ETF. (beta.morningstar.com)
- Beware ETFs that try to time the market. (barrons.com)
Global
- Spain has a big employment skills mismatch. (bloomberg.com)
- What is behind the British productivity gap? (marginalrevolution.com)
- The wisdom of crowds and the downside of direct democracy. (bloomberg.com)
Economy
- Post-recession jobs went overwhelmingly to those who went to college. (qz.com)
- June was a good month for jobs growth. (calculatedriskblog.com)
- What is the slope of the yield curve telling us? (econbrowser.com)
- Why aren't mortgage rates lower? (wsj.com)
- What CEOs had to say about the economy this week. (avondaleam.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 missed in Saturday's linkfest. (abnormalreturns.com)