Quote of the Day
"In my experience, the worse the product, the more it needs big incentives to sell it...Incentives matter in the financial services industry and as long as these trips exist, products that wouldn’t ordinarily sell well will be foisted on consumers."
(Scott Dauenhauer)
Chart of the Day

Energy stocks have been underperforming the broad stock market for a decade.
Markets
Strategy
- Six precepts for long-term investing. (economist.com)
- Under what circumstances does dollar cost-averaging work? (bloomberg.com)
Support
- Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
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Crypto
Companies
- Amazon ($AMZN) Prime has more than 100 million members worldwide. (wsj.com)
- At what does subscription fatigue set in for Apple ($AAPL)? (slate.com)
Finance
Funds
- Two criticisms of index investing that don't hold water. (pragcap.com)
- Blackstone Group ($BX) now manages some $450 billion. (bloomberg.com)
America
- A growing number of prime age American males are out of the work force. (qz.com)
- The new tax law could further drive the wealthy from high tax states. (barrons.com)
- The number of Americans with no religious affiliation is on the rise. (scientificamerican.com)
Economy
- TIPS-implied inflation continues to wiggle higher. (theirrelevantinvestor.com)
- Weekly initial unemployment claims are still at historically low levels. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Startup links: time as a resource. (abnormalreturns.com)
- What you missed in our Wednesday links. (abnormalreturns.com)
- Personal finance links: forecasting misery. (abnormalreturns.com)
- Why digging sustainable economic moats is so difficult. (abnormalreturns.com)
- Dave Nadig at ETF.com on "the resources I find most valuable on a day-to-day/week-to-week basis." (etf.com)