Quote of the Day
"In the end, investing is just easy to get started doing. It’s easy to keep score and the scorecard is money, which our society puts a lot of value on. Unfortunately, these benefits can partially be to blame for taking the best and brightest minds away from other fields of study."
(@ferventfinance)
Chart of the Day

“Remember, a negative 2/10 is not a tripwire. It’s a warning signal.”
Markets
- Traders are complaining that market liquidity ain't what it used to be. (wsj.com)
- The VIX complex has grown so much it has become a thing unto itself. (wsj.com)
- There's no alpha without 'dumb money.' (priceactionlab.com)
Strategy
- As investors we only get to experience one reality. (thereformedbroker.com)
- Trade-offs are inherent in the portfolio construction process. (awealthofcommonsense.com)
- Concentration vs. diversification: it depends on what you are seeking. (blogs.cfainstitute.org)
- If you are trading/investing with your ego on the line: good luck. (traderfeed.blogspot.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)
Crypto
Finance
- Tencent Music Entertainment Group is planning to go public in a big way. (wsj.com)
- Zelle has a fraud problem. (nytimes.com)
Hedge funds
- How 'first-loss' funds work. (bloomberg.com)
- How options-strategies can be used in lieu of hedge funds. (institutionalinvestor.com)
Economy
- The Chicago Fed National Activity Index moderated in March. (calculatedriskblog.com)
- Why pressure on short-term interest rates is likely to continue. (bloomberg.com)
- Railroads are paying up to hire and retain workers. (wsj.com)
- States haven't done enough to refill their unemployment reserve funds. (wsj.com)
Earlier on Abnormal Returns
- ETF links: staying open-minded. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)