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
"Always start by assuming every strategy is active. This creates a level playing field and instantly removes the potential that you’ll see “passive” and assume “good”."
(Cullen Roche)
Chart of the Day

Investors are gravitating towards companies with good financial strength.
Markets
Strategy
- Why people listen to financial forecasts. (collaborativefund.com)
- If you believe GMO a 60/40 portfolio is in for a rough time. (theirrelevantinvestor.com)
- More on the tax-inefficiency of some TAA strategies. (allocatesmartly.com)
- Don't let anyone tell you investing isn't hard. (microcapclub.com)
Crypto
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)
- The Facebook ($FB) data scandal is ripe with irony. (medium.com)
- Scott Galloway says Facebook ($FB) is doing it all wrong. (barrons.com)
Finance
- HFT is the new day trading. (wsj.com)
- The base pay for banking analysts and associates is remarkably similar. (news.efinancialcareers.com)
Billions
- The Season 3 premiere of "Billions" is here. (rogerebert.com)
- A spoiler-filled preview of "Billions." (bloomberg.com)
Fund management
- More hedge funds closed than opened in 2017. (bloomberg.com)
- The active to passive push isn't over yet. (institutionalinvestor.com)
Earlier on Abnormal Returns
- Podcast links: lonely American men. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: a bifurcated environment. (abnormalreturns.com)
- Advice from 12 advisors on their social media use. (investmentnews.com)
- Our attention is all we have. (abnormalreturns.com)