An Exclusive Offer for Abnormal Returns Readers:

This week’s sponsor, Validea, has been running model portfolios based on the strategies of great investors since 2003. The Ben Graham and Peter Lynch-based models are both in the top five all-time performs. The others may surprise you! Abnormal Returns readers get an exclusive discount subscription offer to Validea & Validea Professional.

Quote of the Day

"Apple is a company with the margins of Ferrari ($RACE) with the production volumes of Toyota ($TM)."

(Scott Galloway)

Chart of the Day

The stock market rally this year has been all about growth.

(ft.com)