List: 23 books Wall Streeters recommend including Grant by Ron Chernow. (Business Insider)
Quote of the Day
"We have a lot of market participants (myself included) that have never experienced any real turmoil and poor behavior always follows."
(Jake)
Chart of the Day

It’s been a long time since the S&P 500 has experienced a 5% drawdown.
Markets
Strategy
- How to survive a melt-up. (theirrelevantinvestor.com)
- When analyzing funds, rolling returns provide more information than annual returns. (beta.morningstar.com)
- Why stock correlation figures are largely useless. (alphaarchitect.com)
Books
- Tyler Cowen's favorite books from 2017. (bloomberg.com)
- "The Wolf of Wall Street" by Jordan Belfort is $1.99 for the Kindle. (amazon.com)
- "Ubiquity: Why Catastrophes Happen" by Mark Buchanan is just $1.99 for the Kindle. (amazon.com)
- Trade-in your old Kindle and get up to $75 off a new Kindle Paperwhite. (amazon.com)
Cryptocurrencies
- Josh' observations from the massive Consensus: Invest Conference focused on cryptocurrencies. (thereformedbroker.com)
- How Bitcoin lines up against previous burst bubbles. (thewaiterspad.com)
- Can CME ($CME) Bitcoin contracts really serve as useful futures? (ftalphaville.ft.com)
- Michael Arrington is launching a $100 cryptocurrency hedge fund denominated in Ripple's XRP. (fortune.com)
- Most people don't want to deal with custodying their Bitcoin. (qz.com)
- Some insights on how Bitcoin gains are taxed. (avc.com)
- Open a Coinbase account, trade $100 in cryptocurrency and get $10 in Bitcoin free. (coinbase.com)
Funds
- Small hedge funds don't have the wherewithal to invest in AI. (bloomberg.com)
- Vanguard wants companies to disclose more on how climate change will affect their businesses. (businessinsider.com)
Support
- Stay up-to-date with all of our posts: sign-up for our daily e-mail newsletter. (abnormalreturns.com)
- Love Abnormal Returns? Like us on Facebook. (facebook.com)
- Want to support Abnormal Returns? Get yourself (or someone you love) an annual membership. (abnormalreturns.com)
Global
Economy
- Five charts that show the strength in the US economy. (bloomberg.com)
- Consumer confidence is soaring. (disciplinedinvesting.blogspot.com)
- The natural rate of interest has been declining for decades. (crossingwallstreet.com)
Earlier on Abnormal Returns
- Personal finance links: diversifying too soon. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: implementation costs. (abnormalreturns.com)