Review: Scott Galloway’s The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google is “more than just a business book.” (Wired)
Quote of the Day
"No system, auto-trader, or Artificial Intelligence machine stands a chance against a human with the power (and likelihood) to pull the plug at the worst possible time."
(Sean McLaughlin)
Chart of the Day

The past decade has seen equal-weighting top cap-weighting with the S&P 500.
Markets
- A look back at the decade for markets post-GFC peak. (sellwoodconsulting.com)
- On the relationship between TIPS yields and the stock market. (crossingwallstreet.com)
Strategy
- Why active vs. passive is the wrong debate. (peterlazaroff.com)
- Mean reversion works on its own time. (pensionpartners.com)
- Behavioral finance points out that prices "can diverge significantly from intrinsic value, even when intrinsic value is easily measured and reported daily." (ftalphaville.ft.com)
- No trader can "control" their emotions. (traderfeed.blogspot.com)
Membership
- It's Day 10 of our big Abnormal Returns membership drive. Details here: (abnormalreturns.com)
- Know someone who would benefit from an Abnormal Returns membership? Here you go: (abnormalreturns.memberful.com)
Finance
- Why humans are essential to financial markets. (bloomberg.com)
- Managed futures funds is not HFT. (rcmalternatives.com)
Funds
- Fulcrum fees are rare outside the US. (ft.com)
- Mark Rzepczynski, "Due diligence, in a sense, is measuring not the intelligence but the mindware of a manager." (mrzepczynski.blogspot.com)
Offers
- Spend $25 at Amazon and get a free bad of Wickedly Prime Sweet 'n Cheesy Popcorn Mix free! (amazon.com)
- The Amazon Echo Show is now $30 off. (amazon.com)
- "Switch: How to Change Things When Change Is Hard" by Chip and Dan Heath is just $1.99 for the Kindle. (amazon.com)
Economy
Earlier on Abnormal Returns
- Research links: devoid of context. (abnormalreturns.com)
- I did a Q&A with Drew Voros at ETF.com. (etf.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- ETF links: fund shortcuts. (abnormalreturns.com)
- Home of the world's biggest money managers. (abnormalreturns.com)