Notes: In praise of the liberal arts degree from George Anders’ You Can Do Anything: The Surprising Power of a “Useless” Liberal Arts Education and Randall Stross’ A Practical Education: Why Liberal Arts Majors Make Great Employees. (NYTimes)
Quote of the Day
"Like climate change, the forces driving investors to passive investing may be too far along to turn back. The velocity toward index-driven dystopia appears to be increasing."
(Stephen Gandel)
Chart of the Day

Home equity loans are on the rise but are still well below bubble levels.
Markets
- Emerging market stocks led the rally last week. (theatlasinvestor.com)
- Mean reversion and emerging markets outperformance. (bloomberg.com)
- Japan's stock market is crushing it. (theatlasinvestor.com)
Strategy
- A fundamental difference between bull and bear markets: volatility. (bloomberg.com)
- Five characteristics of great investors. (behavioralvalueinvestor.com)
- The case for gold: it's going up. (theirrelevantinvestor.com)
Offers
- "What Doesn't Kill Us: How Freezing Water, Extreme Altitude, and Environmental Conditioning Will Renew Our Lost Evolutionary Strength" by Scott Carney is just $4.99 for the Kindle. (amazon.com)
- The Echo Dot is still just $44.99, a $5 discount. (amazon.com)
- Amazon Prime Student is still free for the first six months. (amazon.com)
Uber
- Uber has a new CEO. Expedia ($EXPE) needs a new one. (bloomberg.com)
- Uber's new CEO needs some space to work. (stratechery.com)
- Uber needs to be a public company. (howardlindzon.com)
Amazon
- Amazon ($AMZN) is not messing around on pricing. (bloomberg.com)
- How Amazon ($AMZN) could integration Whole Foods. (venturebeat.com)
- Amazon ($AMZN) doesn't need to make big money on groceries. (wsj.com)
Bitcoin
- An attempt at putting a value on Bitcoin and it is lower than you think. (wsj.com)
- Bitcoin, and other cryptocurrencies, need more rigorous valuation analysis. (howardlindzon.com)
- Open a Coinbase account, trade $100 in crypto, and get $10 in Bitcoin free. (coinbase.com)
Fund biz
- Investors are taking note of fee changes by hedge fund managers. (institutionalinvestor.com)
- There is a big difference between a product-first and philosophy-first manager (blog.thinknewfound.com)
Global
- Why Canada's economy is likely to cool off. (business.financialpost.com)
- Politics has become an activity of the elite. (bloomberg.com)
Economy
- If workers are unwilling to move for work provide them with an incentive. (bloomberg.com)
- The current President is not good for the US dollar. (newyorker.com)
Earlier on Abnormal Returns
- ETF links: a big deal. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
- Fixed income risk is immutable, but how you hold your bonds could make a big difference. (abnormalreturns.com)