Quote of the Day
"So the $100 has become for America what opium was for 19th century Britain: something to be sold to the foreigners, but reviled at home."
(John Dizard)
Chart of the Day

A bet on emerging markets, is in large part, a bet on China these days.
Markets
- The stock market's history is only draw out of the urn. (awealthofcommonsense.com)
- A big *ss interest rate chart worth checking out. (thereformedbroker.com)
- Emerging markets continue to lead the 12-month performance derby. (capitalspectator.com)
Strategies
- A closer look at the diversification benefits of long/short, multi-factor investment funds. (etf.com)
- A closer look at the Efficiente Index from JP Morgan. (allocatesmartly.com)
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)
Crypto
- Cryptocurrency exchanges are a weak link, security-wise. (wsj.com)
- Telegram's mega-ICO offering is raising a lot of questions among the crypto crowd. (nytimes.com)
Companies
- It's hard to see how a Dell deal works out well for VMware ($VMW) shareholders. (barrons.com)
- The profit challenges of Spotify's ($SPOT) current business model. (stratechery.com)
- Apple ($AAPL) is planning a new line of high-end, over the ear, headphones. (bloomberg.com)
- How to make Twitter ($TWTR) better: turn off re-tweets. (theatlantic.com)
- Wordpress now powers 30% of the world's websites. (venturebeat.com)
Finance
- Amazon ($AMZN) is inching towards offering customers financial services. (wsj.com)
- Goldman Sachs ($GS) is making a big bet on American consumers. Is that a good idea? (institutionalinvestor.com)
Fund management
- Culture matters a great deal for investment managers. Good luck trying to figure it out from the outside. (researchpuzzle.com)
- Portfolio construction is in large part about manager conviction. (factorinvestor.com)
- Maybe managers should pay funds to manage their investments? (amp-ft-com.cdn.ampproject.org)
- The UK's FCA is cracking down on closet-indexers. (evidenceinvestor.co.uk)
Oil
- The US will soon be the world's largest oil producer. (wsj.com)
- US shale productivity is soaring. (ft.com)
Economy
- Trucking companies are desperate for new semis. (reuters.com)
- Higher labor costs are going to continue to pressure fast food restaurant owners. (bloomberg.com)
Earlier on Abnormal Returns
- ETF links: academic backing. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
- Collectibles are for collecting, not investing. (abnormalreturns.com)