Quote of the Day
"Paranoia in the face of success is extremely hard but in hindsight it’s the closest thing to a secret weapon that exists."
(Morgan Housel)
Chart of the Day

The Fed has been raising rates but financial conditions haven’t tightened all that much.
Markets
- What a flattening yield curve tells us about the market. (mrzepczynski.blogspot.com)
- "Average" stock market returns are rare indeed. (theirrelevantinvestor.com)
- Luck is an inevitable feature of investing. (awealthofcommonsense.com)
Strategy
- Quantitative tools can help fundamental analysts do their job, if they let them. (blogs.cfainstitute.org)
- Why market timing is so difficult. (pragcap.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)
Crypto
Companies
Finance
Funds
- Just because a fund is quant-driven or AI-managed doesn't mean its a good idea. (ft.com)
- It's hard to find much evidence for hedge funds post-crisis. (ftalphaville.ft.com)
- Why active management success is unrepeatable. (vanguardblog.com)
Economy
Earlier on Abnormal Returns
- Podcast links: fodder for TV. (abnormalreturns.com)
- You make the call: are endowment fund returns a function of risk capacity or superior active management? (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: time as a resource. (abnormalreturns.com)
- Why digging sustainable economic moats is so difficult. (abnormalreturns.com)