Review: Cullen Murphy’s Cartoon Country: My Father and His Friends in the Golden Age of Make-Believe is a “warm and graceful memoir.” (NYTimes)
Quote of the Day
"When we become negative in the face of disappointing returns, we can unwittingly create a downward spiral, where we limit our insight and productivity just when we need them most."
(Brett Steenbarger)
Chart of the Day

It was really hard to lose money in a mutual fund in 2017. (via @syouth1)
Markets
- Global markets are going up for two very good reasons. (thereformedbroker.com)
- That being said, investors think the market is overvalued. (blogs.wsj.com)
- Active managers are wicked bullish. (jlfmi.tumblr.com)
- Are recent returns really that out of whack with history? (capitalspectator.com)
Strategy
- Jeremy Grantham wants you to load up on emerging market equities. (gmo.com)
- You never know where the best ideas will come from. (awealthofcommonsense.com)
- Why the media is filled with stories of those who struck it rich with concentrated investments. (creativeplanning.com)
- Tax law changes are going to have a big effect on the muni market. (barrons.com)
Commodities
- The case for commodities. (mrzepczynski.blogspot.com)
- Satellites are changing how traders track commodities. (bloomberg.com)
- Why grains seem to do nothing but go down. (themacrotourist.com)
Books
Crypto
- Tyler Cowen, "Volatility is a feature of Bitcoin, not a bug, and that is in part for reasons that have nothing to do with speculation or bubbliness, but rather follow from the contours of the utility function." (marginalrevolution.com)
- Bitcoin hearts chaos. (l2inc.com)
- The margins on Bitcoin futures are the highest of any contract. (economist.com)
- Korea is cracking down on Bitcoin. (bloomberg.com)
- The math behind Bitcoin mining energy use. (wired.com)
- The vast majority of Bitcoin miners are in China. (bloomberg.com)
Companies
- You can't blame Amazon ($AMZN) for all of retails woes. (bloomberg.com)
- Should the Justice Department approve a Disney ($DIS)-Fox deal? (theatlantic.com)
- Why Apple ($AAPL) continues to invest in music (Shazam, HomePod, etc.). (asymco.com)
Finance
- Analysts and VPs at Blackstone seem like a pretty satisfied lot. (wallstreetoasis.com)
- Having an underfunded pension is getting more expensive. (bloomberg.com)
Funds
- John Griffin's Blue Ridge Capital is closing its doors. (bloomberg.com)
- Harvard is spinning out its direct real estate investing group to Bain Capital. (wsj.com)
- Growing concentration in the hands of index fund investors will eventually bite back. (beta.morningstar.com)
Deals
- Amazon's line of tablets are on sale including the Fire HD 8 which is just $49.99 ($30 off). (amazon.com)
- Amazon e-readers are also on sale including the popular Kindle Paperwhite at $99.99 ($20 off). (amazon.com)
- Amazon's new smart speakers are also on sale with the Echo and Echo Dot at $20 off. (amazon.com)
Support
- Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
- Love Abnormal Returns? Like (and follow) us on Facebook. (facebook.com)
- Want to support Abnormal Returns? Get yourself (or someone you love) an annual membership. (abnormalreturns.com)
Global
Economy
- Where Millennials are buying homes. (finuke.com)
- What CEOs had to say about the economy this year (in review). (avondaleam.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: general prosperity. (abnormalreturns.com)
- What’s your personal plan for giving this holiday season? (abnormalreturns.com)
- Diversification, as a concept, has been understood for millennia yet still matters today. (abnormalreturns.com)