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Quote of the Day
"Once upon a time investing was simple. Those trying to free-ride passively by owning the S&P 500 and play yesterday’s game plan might be in for a rude awakening in a different market environment than the one we’ve experienced of late."
(Ted Seides)
Chart of the Day

It’s been a long time since emerging market equities had a 10% rally.
Markets
- An example of why you have to look behind the numbers sometimes. (themacrotourist.com)
- Just a reminder: most bonds don't trade on any given day. (ftalphaville.ft.com)
Strategy
- Early market experiences can skew your risk tolerance for life. (thereformedbroker.com)
- The 7 best books about the financial crisis including Adam Tooze’s "Crashed: How a Decade of Financial Crises Changed the World." (barrons.com)
Companies
Alternatives
- Unless you are Yale, your enture capital returns have likely been disappointing. (awealthofcommonsense.com)
- Timberrr! Institutions are giving up on timber. (pionline.com)
- The players in private equity and private equity all have very different interests when it comes to interim valuations. (allaboutalpha.com)
- 2018 is shaping up as an other disappointing year for hedge fund returns. (wsj.com)
Fund management
- How lower fees came to take over the asset management industry. (ft.com)
- Blackrock ($BLK) is doubling down on alternatives. (ft.com)
- Why did target-date ETFs never take off? (etf.com)
Earlier on Abnormal Returns
- Adviser links: the aging brain. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)