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
"Eventually, it seems likely that a new consensus will replace the EMH -- that the market is a complex ecosystem of hundreds or thousands of imperfections, offering clever investors plenty of opportunities to make money in the short term, but that these mispricings are constantly shifting, appearing and disappearing as investors chase them and trade them away."
(Noah Smith)
Chart of the Day

Investors continue to shift from high-cost mutual funds to low-cost funds.
Markets
Mortgages
- The 15-year mortgage rate is at a 7-year high. (twitter.com)
- New homes in the U.S. have never been less affordable for the typical American family at any time during the 21st Century. (politicalcalculations.blogspot.com)
- Why rising mortgage rates won't kill housing demand...yet. (thebasispoint.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
- Law enforcement is trying to get up to speed to deal with cryptocurrency-related crimes. (wsj.com)
- Cryptocurrencies will inevitably be used to launder money. (economist.com)
Smartphones
CPG
- The big packaged food companies are leaking revenue. (bloomberg.com)
- The established CPG companies are paying out dividends that are not sustainable. (intrinsicinvesting.com)
Autos
- Ford ($F) is going to stop selling sedans in North America. (nytimes.com)
- Now is a bad time to stop making small cars in America. (bloomberg.com)
Mortgage finance
- Fannie and Freddie Mac have become powerhouses in the multi-family rental lending space. (ft.com)
- Research shows technological innovation is making the US home mortgage market more efficient. (papers.ssrn.com)
Funds
- Insurers are looking increasingly to alternatives to boost returns. (institutionalinvestor.com)
- What is the next big theme for investing? (blogs.cfainstitute.org)
Economy
- Weekly initial unemployment claims are at their lowest since 1969. (calculatedriskblog.com)
- The case for letting the economy 'overheat.' (nytimes.com)
Earlier on Abnormal Returns
- Startup links: losing touch. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: doing the right thing. (abnormalreturns.com)