Review: Machine, Platform Crowd: Harnessing Our Digital Future by Andrew McAfee and Erik Brynjolfsson is a “very interesting and important books.” (value and opportunity)
Quote of the Day
"Being disciplined can be tragic when there is a paradigm change."
(Michael Harris)
Chart of the Day

“Stock prices and future returns aren’t under your control and thus you must leave them at what they do best, that is, fluctuate.”
Markets
- At what point do stock investors need to worry about bond yields? (bloomberg.com)
- The bond market has normalized to a degree. What next? (ft.com)
Strategy
- On the dangers of the "easy money has been made" crowd. (crossingwallstreet.com)
- Valuation measures are not a timing device. (etf.com)
- Even perfect earnings foresight will not help you time the stock market. (awealthofcommonsense.com)
- What to expect from TAA strategies during a bear market. (allocatesmartly.com)
Companies
- Facebook ($FB) is facing an existential threat that has nothing to do with its news feed. (wsj.com)
- Just how much debt does Dell have? (nytimes.com)
- Why aren't more companies structured like Berkshire Hathaway ($BRKA). (linkedin.com)
Finance
Funds
- Target-date mutual funds are revamping their strategies to try and boost returns. (wsj.com)
- The investment management business is still ripe for disruption. (blogs.wsj.com)
- The number of US mutual funds declined in 2017. (ft.com)
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- 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)
Economy
- The January ISM Non-manufacturing index was at 59.9%. (calculatedriskblog.com)
- The US missed its opportunity to do a big infrastructure build. (fivethirtyeight.com)
Earlier on Abnormal Returns
- ETF links: a growing blob. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks this week on the site. (abnormalreturns.com)