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Quote of the Day
"In this era of big data and cheap computing power, it is easy for anyone to create a winning investment strategy in a backtest. But investing is forward-looking and markets are adept at pricing in known information. Often, a strategy has a one-off experience that drives its outperformance, which is masked in summary statistics."
(Maneesh Shanbhag)
Chart of the Day

On the relationship between the 10-year and mortgage rates.
Markets
- Why does 'Sell in May' still get so much play in the financial media? (pensionpartners.com)
- Why technology is not in a bubble. (ftalphaville.ft.com)
- The rise of ETFs makes for opportunities in individual names. (dashofinsight.com)
- Eurozone stocks are cheap. (economist.com)
"Big Mistakes"
- Even the best investors make mistakes, cut yourself a little slack. (blogs.wsj.com)
- Six lessons learned from Michael Batnick's new book "Big Mistakes: The Best Investors and Their Worst Mistakes." (awealthofcommonsense.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
- Coinbase is setting up shop in Japan. (wsj.com)
- Susquehanna International Group is ramping up its cryptocurrency trading capabilities. (nytimes.com)
- The makeup of ownership of Bitcoin has changed a lot in the last year. (ft.com)
- Cross-exchange cryptocurrency spreads are very high compared to traditional financial markets. (businessinsider.com)
Microsoft
- Why Microsoft ($MSFT) had to pay so much for GitHub. (stratechery.com)
- What Microsoft ($MSFT) is really buying in GitHub. (hbr.org)
Business
- Are earnings estimates a cause or an effect of corporate short-termism? (slate.com)
- Why are tech companies uniquely at-risk of the star CEO? (wsj.com)
- US companies really are bring back cash from overseas. (bloomberg.com)
Alternatives
- Ben Carlson, "Institutional investors who are investing in illiquid assets, paying high fees, levering up small companies, and locking up capital for many years in the hopes of boosting their returns may be in for a rude awakening. Nothing is guaranteed for those looking for higher expected returns." (awealthofcommonsense.com)
- Just because you want to invest more in alternatives doesn't mean you can. (bloomberg.com)
- Hedge funds have too much capital chasing too few opportunities. (ft.com)
Funds
- The three biggest trends in the mutual fund bsuiness over the past decade. (morningstar.com)
- Smart beta performance, as it is, isn't worth the hassle. (bloomberg.com)
- Why the OCIO model is on the rise. (sumzero.com)
Global
Economy
- It's hard to find weak spots in the US economy. (blog.yardeni.com)
- The economy is "tight as a drum" for small businesses. (themacrotourist.com)
- Shale country is out of workers. (bloomberg.com)
- An economic summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Abnormal Returns was listed among the 2018 Best Investing Blogs over at The College Investor. (thecollegeinvestor.com)
- Why the intuition around compounding is so difficult. (abnormalreturns.com)
- Don't confuse stuff with an investment. (abnormalreturns.com)
- All effort and no renewal is a recipe for disaster. (abnormalreturns.com)
- Don't get played by the financial media. (abnormalreturns.com)
- Donor-advised fund frictions. (abnormalreturns.com)
- The power of being genuinely curious in a cynical age. (abnormalreturns.com)