Quote of the Day
"The top performers garner the headlines in the short-term but those headlines work both ways. The top performers over the long-term understand that’s not how you stay in the game over the long haul."
(Ben Carlson)
Chart of the Day

Economically sensitive sectors are still outperforming the S&P 500.
Markets
- How did a 20% decline in the stock market become the definition of a 'bear market'? (jeffhirsch.tumblr.com)
- This asset class is bucking the negative fixed income trend. (wisdomtree.com)
CTAs
- February was an awful month for CTAs. (bloomberg.com)
- Do trend 'risk premia' explain CTA returns? (pionline.com)
- Investors are likely to abuse CTA strategies just like they do every other one. (thereformedbroker.com)
Events
- Tickets for Stocktoberfest East in NYC on April 25th are going quickly. Don't miss out! (events.stocktwits.com)
- If you are in the business of manager due diligence you need to check out Tom Brakke's upcoming workshop in DC. (tjbresearch.com)
Commodities
- More commodity futures are moving toward backwardation. (mrzepczynski.blogspot.com)
- Is gold a worthy asset class? (monevator.com)
Strategy
- No two bear markets are alike. (fortunefinancialadvisors.com)
- What risk are you trying to avoid? (theirrelevantinvestor.com)
- You can't eliminate emotions from your trading. (adamhgrimes.com)
- Why you need to be explicit about the probabilities you assign to certain events. (blogs.wsj.com)
Crypto
Funds
- Factor investing changes the active-passive investment debate. (blog.validea.com)
- Why saying a manager has skill is so difficult to quantify. (marketwatch.com)
- What hedge funds are doing on fees to attract investors. (bloomberg.com)
Economy
- Private employment, per ADP, increased in February. (calculatedriskblog.com)
- Share buybacks are not a giveaway. (bloomberg.com)
- Manufacturing in US is not in secular decline. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: constant-dollar spending strategies. (abnormalreturns.com)
- What books Abnormal Returns readers purchased at Amazon.com in February 2018. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: the case for active management. (abnormalreturns.com)