Stocktoberfest East 2018 is coming to NYC on April 25th. There is a great lineup of speakers and Howard Lindzon has $100 discount codes for the taking. Don’t miss it.
Quote of the Day
"There is no reason to forecast unless you’re going to take specific actions tied to that forecast. If you want to take fewer actions without being willfully blind to the future, just have expectations."
(Morgan Housel)
Chart of the Day

Interest in Bitcoin, as measured by Google Search traffic, has fallen dramatically.
Markets
- No matter what the Fed does it will garner plenty of criticism. (dashofinsight.com)
- A week's worth of interesting charts. (topdowncharts.com)
Strategy
- At what point does indexing threaten the market? (mathinvestor.org)
- Investment philosophy first, strategy second. (awealthofcommonsense.com)
- Good advice: you're not the next Warren Buffett. (567capital.com)
Crypto
Spotify
- Aswath Damodaran goes through the valuation of Spotify ($SPOT) near its stock market debut. (aswathdamodaran.blogspot.com)
- What Spotify ($SPOT) has going for it. (visualcapitalist.com)
Support
- Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
- Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)
- Support Abnormal Returns with an annual membership and get access to exclusive stuff. (abnormalreturns.com)
Business
- Lower search costs are helping kill the brand. (intrinsicinvesting.com)
- Robert Lefsetz, "Virality is dead...We’ve all got too many marketing messages, too much product." (lefsetz.com)
Economy
- Just how tight is America's job market? (blogs.wsj.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday links. (abnormalreturns.com)
- Longform links: longevity research. (abnormalreturns.com)
- Pursuing understanding in a messy, polarized investing world. (abnormalreturns.com)