Excerpt: An eye-opening excerpt from Brotopia: Breaking Up the Boys’ Club of Silicon Valley by Emily Chang. (Vanity Fair)
Quote of the Day
"I do think when all is said and done we’ll be adding cryptocurrencies to the list of history’s biggest speculative manias."
(Ben Carlson)
Chart of the Day

Emerging markets equities started the year like the previous year ended: up.
Markets
- 2017: the year in charts. (pensionpartners.com)
- Rydex traders are wicked bullish. (jlfmi.tumblr.com)
Strategy
- The only way to deal with a mania is to know you have a solid portfolio plan already in place. (thereformedbroker.com)
- Michael Martin, "Frustration stems from your behavior, not the instrument that you’re trading." (martinkronicle.com)
Crypto
- These seems a little out of whack. (nytimes.com)
- More on unlikely ascent of Ripple's XRP. (ftalphaville.ft.com)
- There is no such thing as 'the blockchain.' (slate.com)
- Commodity hedge fund launches have ground to a half. Cryptocurrency hedge funds are taking up the slack. (rcmalternatives.com)
Finance
- The CFPB is getting out of the consumer protection business. (theatlantic.com)
- Why didn't equity hedge funds do better in 2017? (mrzepczynski.blogspot.com)
Economy
- The December NFP report was a mild disappointment but the unemployment rate held steady at 4.1%. (calculatedriskblog.com)
- The December jobs report in 10 charts. (blogs.wsj.com)
Earlier on Abnormal Returns
- Podcast links: market outcomes. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: anticipated outcomes. (abnormalreturns.com)
- Fighting filter failure is everyone's responsibility. (abnormalreturns.com)
- Would you recommend a career in investment management to a new college graduate? (abnormalreturns.com)
- What books Abnormal Returns readers purchased in December 2017. (abnormalreturns.com)