Two books, including The Lean Startup by Eric Ries, that are more valuable than reading the 15th book on Warren Buffett. (value and opportunity)
Quote of the Day
"Investors live in multiple time-frames."
(Michael Batnick)
Chart of the Day

Inconsistency is a mirage. Active manager returns are often lumpy.
Markets
- Is increased M&A activity a sign of a market top? (blogs.cfainstitute.org)
- Merger activity is about ready to set a record. (wsj.com)
Strategy
- In praise of auto-pilot investing. (beta.morningstar.com)
- The next crisis won't be like the last crisis. (collaborativefund.com)
- You don't need to have an opinion about everything. (awealthofcommonsense.com)
Offers
- The Dot is Alexa on a budget. Buy 5 Amazon Dots and get the 6th for free here: (amazon.com)
- Try Audible.com and get two free audiobooks including the new memoir by Bruce Springsteen, "Born to Run." (amazon.com)
- Amazon is taking on Spotify with Amazon Music Unlimited. Sign up for a trial here: (amazon.com)
- If you've read "Thinking Fast and Slow" you will likely want to read Michael Lewis' forthcoming "The Undoing Project: A Friendship That Changed Our Minds." (amazon.com)
Apple
- Is Apple ($AAPL) stock cheap? Not really.... (medium.com)
- A recap of Apple's ($AAPL) Macbook event. (theverge.com)
- Is the new Apple ($AAPL) TV app a game-changer? (wsj.com)
Companies gone wrong
- Why did Twitter ($TWTR) need to kill Vine? (theatlantic.com)
- Apple ($AAPL) has no idea who the MacBook Pro is for? (medium.com)
- Can Chipotle ($CMG) fix itself by starting a hamburger chains? (thestreet.com)
- Google ($GOOGL) Fiber was awesome. They are making a mistake by putting it "on pause." (qz.com)
Finance
- The Carlyle Group ($CG) is pivoting away from hedge funds. (nytimes.com)
- Pedigree be damned, Wall Street is hiring coding academy graduates. (bloomberg.com)
Funds
- The active management bleeding is accelerating. (bloomberg.com)
- A blind investment taste test. (mebfaber.com)
Economy
- The US economy grew at a 2.9% rate in Q3 2016. (calculatedriskblog.com)
- A recession during the next four years is not a certainty. (wsj.com)
- R&D spending is kicking into high gear. (wsj.com)
Earlier on Abnormal Returns
- Podcast links: deep personal truths. (abnormalreturns.com)
- A master class in the hedge fund industry. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Q&A with Tim Harford author of "Messy: The Power of Disorder to Transform Our Lives" (abnormalreturns.com)
- ICYMI here is my post on rising sea levels and investing risk. (abnormalreturns.com)