Quote of the Day
"Zillow is in nearly every respect already an Aggregator: it is by far the number one place people go when they want to look for a new house, and at a minimum the starting point for research when they want to sell one. They own the customer relationship! What has always been missing is the integration with the purchase itself — until last week."
(Ben Thompson)
Chart of the Day

The amount of capital returned to shareholders in Q1 2018 increased 3.1% year-over-year.
Strategy
- Options strategies vs. hedge funds: a tale of the tape. (mrzepczynski.blogspot.com)
- Most investors are still underweight emerging market equities. (etf.com)
- What's the difference between technical analysis and quantitative finance? (priceactionlab.com)
- How to keep an open mind in a volatile era. (traderfeed.blogspot.com)
Support
- Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
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- Support Abnormal Returns with an annual membership and get access to exclusive stuff. (abnormalreturns.com)
Data
- Is the "data" Google and Facebook really yours and yours alone? (marginalrevolution.com)
- The price of 'free' is too high. (feld.com)
Finance
- One of these days the floodgates will open for unicorns going public. (nytimes.com)
- Venture capital checks are growing in size. (wsj.com)
- Fintech valuations are coming down. (ftalphaville.ft.com)
Funds
Global
Economy
- The April NAHB confidence number is holding near highs. (calculatedriskblog.com)
- Newcomers are pricing locals out of housing in booming Boise, Idaho. (wsj.com)
Earlier on Abnormal Returns
- Why digging sustainable economic moats is so difficult. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
- An equal-weight ETF isn't going to save you from a FAANG-led stock market decline. (abnormalreturns.com)