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Quote of the Day
"The best way to prevent yourself from selling at a loss is simple: have ample liquidity. If you have large enough cash reserves (i.e. emergency savings) to support your liabilities during economic crises, you will never be forced to sell."
(Nick Maggiulli)
Chart of the Day

The underperformance of GE ($GE) stock since the outset of the GFC is striking.
Markets
Strategy
- We all know what a speculative bubble looks like, but that doesn't stop us from getting caught up. (theirrelevantinvestor.com)
- How companies are categorized matters a lot for many professional investors. (intrinsicinvesting.com)
Companies
- Instagram wouldn't be Instagram without Facebook ($FB). (stratechery.com)
- Why Apple ($AAPL) was smart to buy Shazam. (engadget.com)
- Amazon ($AMZN) is increasingly using big data to make decisions about stocking products. (bloomberg.com)
- Marijuana may become a big business, but don't count on the first movers to be the big winners. (bloomberg.com)
Accreditation
- The SEC is considering expanding the definition of accredited investor. (wsj.com)
- How accredited investor rules SHOULD work. (bloomberg.com)
Finance
- Private equity firms are increasingly swapping companies among themselves. (ft.com)
- Retailers are pushing back against rewards credit cards. (wsj.com)
Economy
Earlier on Abnormal Returns
- Research links: convex vs. concave returns. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: honesty and openness. (abnormalreturns.com)