Come see me (and the likes of Ken Fisher, Annie Duke and Ryan Holiday) at EBI West in June 24-26th in Dana Point, California. You will not be disappointed.
Quote of the Day
"The reality of digital services is that the amount of data each of us generates at basically all times is astronomical; your phone always knows where you are, but so does every app you use and every website you visit."
(Ben Thompson)
Chart of the Day

The US stock market certainly looks to be in a new volatility regime.
Markets
- Some questions upon the 10-year Treasury reaching 3%. (capitalspectator.com)
- Hedge funds are wicked short coffee futures. (ft.com)
Strategy
- Investing is about getting the big stuff right. (theirrelevantinvestor.com)
- How to invest in a world where stock market returns for the next decade are likely to be (much) lower than average. (zeninvestor.org)
- Tobacco stocks are sinful but profitable. (fortunefinancialadvisors.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
- Bitcoin really only have one use case: criminal activity. (recode.net)
- Are you bullish on Bitcoin? This guy puts you to shame. (fortune.com)
- What it takes to build a stablecoin. (arstechnica.com)
Companies
- Twitter ($TWTR) is profitable for the second quarter in a row. (qz.com)
- Americans love Amazon ($AMZN). Period. (recode.net)
Finance
- A closer look at how the Softbank Vision Fund is structured. (ftalphaville.ft.com)
- Why you could begin to see REITs convert to C-corps. (bloomberg.com)
Funds
- Index funds are not to blame for excessive CEO compensation. (slate.com)
- Why manager skill is going to be defined more narrowly in the future. (mrzepczynski.blogspot.com)
- Pimco is looking far and wide for technology talent. (wsj.com)
Economy
- Anecdotal evidence that wage inflation is building. (macromon.wordpress.com)
- The Chemical Activity Barometer eased in April. (calculatedriskblog.com)
- The Fed is in a bit of a pickle here. (pragcap.com)
Earlier on Abnormal Returns
- Personal finance links: doing the right thing. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: a less extravagant bubble. (abnormalreturns.com)