Notes: We have a complicated relationship with pigs. Insights from Pig/Pork: Archaeology, Zoology and Edibility by Pía Spry-Marqués. (New Scientist)
Quote of the Day
"One thing I sometimes wonder is why Alphabet Inc., which owns Google and is steadily amassing all of the world's information, doesn't start a hedge fund with all that information. If you know everything, can't you use that to predict stock prices?"
(Matt Levine)
Chart of the Day

The more words you need to explain your investment thesis on SumZero, the worse the performance.
Strategy
- The stock market's behavior since the Fed started raising rates is not anomalous. (bloomberg.com)
- CTA returns are not always necessarily a diversifier for typical portfolios. (twosigma.com)
Offers
- New features and higher future rates at AllocateSmartly. Sign up today to lock in current rates. (allocatesmartly.com)
- Why don’t you read more? No time, right? Try the Blinkist app! Read or listen to the key insights from the best nonfiction books in a matter of minutes! (jump.blinkist.com)
Companies
- Is Costco ($COST) playing with fire by not focusing efforts online? (bloomberg.com)
- The top 20 tech companies ranked by revenue-per-employee. (visualcapitalist.com)
- The concentration in consumer product industries is a bit frightening. (businessinsider.com)
- The hashtag was instrumental in the rise of Twitter ($TWTR). (avc.com)
Finance
- The SEC is going to examine the maker-taker model. (bloomberg.com)
- Credit default swaps are back! And hedge funds are buying. (ft.com)
- The government need not prove a close relationship between tipper and tippee to prove insider trading. (wsj.com)
Funds
- Noah Smith, "Possible conflicts of interest aside, the real problem is that investment consulting is just another layer in the asset-management parfait whose value added is dubious." (bloomberg.com)
- Vanguard owns a sh*t ton of REITs. (philly.com)
- Mean reversion catches up with even high profile managers. (evidenceinvestor.co.uk)
Hardware
- The Amazon Echo is $80 off with a current price of just $99.99. (amazon.com)
- All Kindle devices, including the Paperwhite, are currently $20 off. (amazon.com)
Global
- Japan's rural decline is a preview of what will happen in other countries. (theatlantic.com)
- Unlike other countries, in China women like to trade more than men. (economist.com)
Economy
Earlier on Abnormal Returns
- Startup links: a flexible investing calendar. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: offering solutions. (abnormalreturns.com)
- Service journalism and 'being of service' or why you should read 'Barking Up the Wrong Tree' by Eric Barker. (abnormalreturns.com)