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Quote of the Day
"If you build lots of good cars and sell them for more money than it costs you to build them, then you will make a lot of money and no amount of desperate pushing of narrative will result in your destruction...Just do the work and let your results speak for themselves."
(Matt Levine)
Chart of the Day

This is perplexing for everyone who thought the US stock market would underperform from January 2017 onward…
Markets
- Bull markets don't die of old age. They have to be killed. (ritholtz.com)
- The spike in 2018 S&P 500 earnings is impressive. (topdowncharts.com)
- How much should we care about the shrinking pool of US-listed companies? (iris.xyz)
- Sell in May didn't work this Summer. (allstarcharts.com)
Strategy
- On the value of asking what can go wrong in your portfolio. (humbledollar.com)
- What Mark Hulbert has learned over decades of time tracking investment newsletter performance. (aaii.com)
- Five advantages individual investors have over institutional investors. (stockcharts.com)
- The case for simply ignoring all the Fed talk. (dashofinsight.com)
Crypto
Industries
- Fashion company stocks inevitably hit an air pocket. (peridotcapitalist.com)
- Pipeline companies as a diversifier. (sl-advisors.com)
Finance
Funds
Global
- Much of Australia is locked in a nearly decades-long drought. (wsj.com)
- The case for Australia as a solar energy giant. (theguardian.com)
Economy
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: judgments about luck. (abnormalreturns.com)