Notes: An antidote to incivility from Treating People Well: The Extraordinary Power of Civility at Work and in Life by former White House social secretaries Jeremy Bernard and Lea Berman. (Washington Post)
Quote of the Day
"Newton was one of the most intelligent people who ever lived, but he wasn’t an intelligent investor by Graham’s definition — because he let himself get swept up in other people’s euphoria."
(Jason Zweig)
Chart of the Day

Robert Shiller can’t figure out why the US has such a high CAPE. (chart via Research Affiliates)
Markets
- Why value has lagged over most of the past decade. (theirrelevantinvestor.com)
- In the last stages of a bull market you see the strongest returns and the shunning of bearish commentators. (macromon.wordpress.com)
Strategy
- The stock market isn't the same thing as economy but they do intersect from time to time. (thereformedbroker.com)
- Howard Marks on full valuations and unnecessary tax cuts. (marketfolly.com)
Cryptocurrencies
- Some of the biggest cryptocurrency bulls are pulling back. (wsj.com)
- Coinbase is helping to build out side-by-side Bitcoin spot and futures trading. (markets.businessinsider.com)
- Two new 'blockchain ETFs' have proven popular with investors. (blogs.wsj.com)
- Robinhood is launching crypto trading. (cnbc.com)
- How Switzerland became an ICO hub. (nytimes.com)
Companies
Fund management
- The asset management industry is undergoing fundamental changes: what it means for careers. (cfapubs.org)
- The highest earning hedge fund firms of all-time. (institutionalinvestor.com)
Economy
Support
- Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
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- Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)
Earlier on Abnormal Returns
- Startup links: investing earlier. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Personal finance links: emotions vs. math. (abnormalreturns.com)
- Research links: using better techniques. (abnormalreturns.com)
- Will podcasting kill the (marginal) conference? (abnormalreturns.com)
- Most pension funds have unrealistic return assumptions. What you the investor can do about it. (abnormalreturns.com)