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Quote of the Day
"Too many people are pursuing trading because they can't figure out another way to work independently and make enough money to support themselves. This is understandable, but invariably ends badly."
(Brett Steenbarger)
Chart of the Day

Cyclical stock outperformance (vs. defensives) is waning across the globe.
Strategy
- Figure out your portfolio allocations before markets go haywire. (awealthofcommonsense.com)
- 'Fighting the worry' is a big part of the investment battle. (theirrelevantinvestor.com)
- Index investors should be aware of the implicit bet on big tech. (fortunefinancialadvisors.com)
- How social comparisons can help nudge investors to better decisions. (behavioralscientist.org)
- What matters when you are ranking the greatest investors of all-time. (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)
Crypto
- A majority of ICO sales ended up defunct with months. (bloomberg.com)
- Beware promotional material masquerading as 'research.' (ftalphaville.ft.com)
Economy
- Small businesses' top complaint is "finding qualified workers." (calculatedriskblog.com)
- Keep an eye on short rates, not the slope of the yield curve. (newmonetarism.blogspot.com)
- The spread in inflation rates across sectors is striking. (crossingwallstreet.com)
Earlier on Abnormal Returns
- Research links: overcrowded factors. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: the downside of advice giving. (abnormalreturns.com)
- The media is great at blowing things out of proportion. (abnormalreturns.com)
- Making the subconscious, conscious when it comes to money. (abnormalreturns.com)