Q&A: With Joel Tillinghast portfolio manager of the Fidelity Low-Priced Stock Fund and author of the newly published Big Money Thinks Small: Biases, Blind Spots and Smarter Investing. (Barron’s)
Quote of the Day
"Today the total Bitcoin capitalization is north of $70 billion which is greater than the market caps of 85 percent of the companies in the S&P."
(Howard Lindzon)
Chart of the Day

The US stock market has gone through an extraordinary period of no 5% drawdowns. (via @irrelevantinvestor)
Markets
- You may be surprised what asset class did the best over the past ten years. (thereformedbroker.com)
- A record number of managers think stocks are overvalued. (dealbreaker.com)
Strategy
- Is housing really the best investment over the long run? (ftalphaville.ft.com)
- The case against the S&P 500. (gmo.com)
Offers
- Buy two Amazon Echo devices and receive $100 off your order with code ECHO2PACK. (amazon.com)
- Sign up for Amazon Prime Student and get six months free! (amazon.com)
- Use code “READING30” at checkout for an exclusive $30 discount on Kindle Paperwhite. (amazon.com)
Companies
- For much of its history Amazon ($AMZN) looked vulnerable. You could say the same thing about Netflix ($NFLX) today. (bloomberg.com)
- Why NetFlix ($NFLX) should fear Disney ($DIS). (techcrunch.com)
- Snap ($SNAP) is leaking cash. (fortune.com)
Finance
- Endowments have stopped cutting back on hedge funds. (bloomberg.com)
- Leveraged loan maturities have been pushed out even farther. (leveragedloan.com)
Funds
- Are index funds too soft on CEOs? (beta.morningstar.com)
- Is your bond fund riskier than it looks? (beta.morningstar.com)
Kindle deals
- "The Leading Brain: Powerful Science-Based Strategies for Achieving Peak Performance " by Friederike Fabritius and Hans W. Hagemann is just $1.99 for the Kindle. (amazon.com)
- "Moonwalking with Einstein: The Art and Science of Remembering Everything" by Joshua Foer is just $1.99 for the Kindle. (amazon.com)
- "The Rise of Superman: Decoding the Science of Ultimate Human Performance" by Steven Kotler is just $0.99 for the Kindle. (amazon.com)
Economy
- Do pet sitters really need a license? (fastcompany.com)
- Are US cities underpoliced? (marginalrevolution.com)
Earlier on Abnormal Returns
- Research links: risk management processes. (abnormalreturns.com)
- Our book link round-up for August 2017. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- ETF links: volume shrinkage. (abnormalreturns.com)
- In the financial markets every year is the year of the goat. (abnormalreturns.com)