Notes: The story of butter is a historical roadmap of humanity. Thoughts on Elaine Khosrova’s Butter: A Rich History. (NPR)
Quote of the Day
"At Berkshire there has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information."
(Charlie Munger)
Strategy
- Why is the stock market so calm in the age of Trump? (newyorker.com)
- The case for gold is oversold. (pragcap.com)
- Two finance words that should never go together. (tonyisola.com)
Warren Buffett
- Two lessons from the Buffett hedge fund bet. (blog.alphaarchitect.com)
- When in doubt, don't bet against Warren Buffett. (monevator.com)
- Warren Buffett was notably quiet on this subject. (washingtonpost.com)
Companies
- Evan Spiegel has way too much control over Snap ($SNAP). (washingtonpost.com)
- Prosper is selling $5 billion in assets to some hedge funds at a high cost. (ft.com)
Offers
- The price of the best mesh wi-fi system, eero, is now $100. Get an additional $50 off with this link: (talkable.com)
- You can now stream Academy Award winning film "Moonlight" on Amazon. (amazon.com)
Commissions
- Fidelity is dropping its online stock commission rate to $4.95 a trade. (wsj.com)
- Charles Schwab ($SCHW) quickly matched Fidelity's move. (pressroom.aboutschwab.com)
Finance
Hedge funds
- Paul Tudor Jones is again cutting fees on his Tudor Investment fund. (wsj.com)
- The math works against hedge fund of funds. (beta.morningstar.com)
Funds
Global
Economy
Earlier on Abnormal Returns
- Research links: a willing suspension of disbelief. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- ETF links: avoiding market orders. (abnormalreturns.com)
