Book list: Cass Sunstein recommends Success and Luck: Good Fortune and the Myth of Meritocracy by Robert H. Frank. (Bloomberg)
Quote of the Day
"Animal spirits have been awoken in the US stock market. It may not last long, but it’s undeniable."
(Joshua Brown)
Chart of the Day

Why you shouldn’t expect much from a 60/40 portfolio going forward.
Markets
- What major asset classes did in November. (capitalspectator.com)
- To say November was a big month for the markets would be an understatement. (bloomberg.com)
Strategy
- Common mistakes of momentum investors. (dualmomentum.net)
- Are dividend stocks (and funds) overvalued? (beta.morningstar.com)
Offers
- Amazon ($AMZN) Prime members can now sign up for HBO and/or Cinemax. (theverge.com)
- Sign up for any of Amazon's supplemental video services here: (amazon.com)
Companies
- The Google ($GOOGL) Pixel is taking a bite of the Apple ($AAPL) iPhone. (fortune.com)
- Blackstone ($BX) is going to list its Invitation Homes home rental business. (wsj.com)
- Why Enron still matters 15 years later. (nytimes.com)
Sell-side
- More signs that sell-side research is on the decline. (institutionalinvestor.com)
- Sell-side research is wrong but at least it is wrong in predictable ways. (economist.com)
Offers
- Black Friday is over but a big sale on Sonos speakers continues. (amazon.com)
- "The Signals Are Talking: Why Today’s Fringe Is Tomorrow’s Mainstream" by Amy Webb is a Amazon Best Book for December. (amazon.com)
Economy
- Weekly initial unemployment claims are still trending well below 300,000. (calculatedriskblog.com)
- The November ISM manufacturing report was strong. (calculatedriskblog.com)
- What's up with the term premium? (ftalphaville.ft.com)
Economic geography
- Employment shifts within the US explain a lot. (economistsview.typepad.com)
- Universal basic income and the challenge of geographic income inequality. (interfluidity.com)
Earlier on Abnormal Returns
- Startup links: unimagined technologies. (abnormalreturns.com)
- Climate change, rising sea levels and your personal portfolio. (abnormalreturns.com)
- What books Abnormal Returns readers purchased in November 2016. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: what simple means. (abnormalreturns.com)