Review: Slow Medicine: The Way to Healing by Dr. Victoria Sweet is a “wonderful new memoir.” (NYTimes)
Quote of the Day
"The hardest thing about studying businesses and investors is that many traits that fueled their success could have just as easily triggered failure. But we rarely think about it that way when learning from specific outcomes."
(Morgan Housel)
Chart of the Day

By this measure the current stock market is at its ‘calmest’ ever.
Markets
- There is no 'universal mean' for the $VIX. (thereformedbroker.com)
- Real estate and utilities are unique in their underperformance. (capitalspectator.com)
Strategy
- How perception shapes our investment reality. (mullooly.net)
- What investors can learn from a poker AI. (dashofinsight.com)
- Ten reasons to invest in index funds. (whitecoatinvestor.com)
Crypto
- VCs are scrambling to re-work their documents to allow for coin investments. (ft.com)
- Robinhood is going to allow clients to trade more cryptocurrencies than Coinbase. (fortune.com)
- Are CTAs adopting Bitcoin futures? (allaboutalpha.com)
- Banks are reviewing their policies on the use of credit cards to purchase Bitcoin. (cnbc.com)
- Crypto pump-and-dumpers have found a home on Telegram. (buzzfeed.com)
Companies
- Dell is contemplating coming public (again). (wsj.com)
- The big airlines just can't help themselves. (bloomberg.com)
- Why Apple ($AAPL) is pushing into health records (businessinsider.com)
HQ2
- A graphical look at the favorites to win Amazon's ($AMZN) HQ2. (wsj.com)
- Why losing HQ2 could be a boon for the other 19 communities. (bloomberg.com)
Finance
Portfolio managers
- Why being a fund manager is particularly difficult these days. (bloomberg.com)
- Fund managers are human too. (thefinancialbodyguard.com)
Funds
- Long-short equity mutual funds are attractive in theory, more challenging in execution. (beta.morningstar.com)
- Firms are none too happy having to show transaction costs to fund holders per Mfid II. (ft.com)
Global
Economy
- The US economy grew at a (disappointing) 2.6% rate in Q4 2017. (crossingwallstreet.com)
- Does the Fed really want to hit it's inflation target? (bloomberg.com)
- Industry consolidation doesn't just affect consumers. (nytimes.com)
Support
- Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
- Get yourself (or someone you really like) an annual membership. (abnormalreturns.com)
- Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)
Earlier on Abnormal Returns
- Podcast links: DIY costs. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: investing earlier. (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)