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Quote of the Day
"Investors are free to accept any earnings yield they like, of course. But as they take ever lower compensation for owning stocks instead of bonds, they appear to be leaving the Fed out of the equation."
(Nir Kaissar)
Chart of the Day

The number of Russell 3000 companies trading at 10x revenue is surging.
Markets
- The stock market is advancing despite a whole host of negative headwinds. (blog.yardeni.com)
- On the death of the 200 day moving average as an indicator. (barrons.com)
- Institutional investors are getting increasingly bearish. (topdowncharts.com)
Strategy
- Why confirmation bias is so difficult to fight. (awealthofcommonsense.com)
- Putting share buybacks into some historical context. (medium.com)
- On the stability of the moat around oil and gas refining companies. (fortunefinancialadvisors.com)
- Why commodities are a unique 'asset class.' (mrzepczynski.blogspot.com)
Crypto
- Coinbase has become the big dog in the crypto space. The big question is what happens to crypto? (fortune.com)
- Is it even possible to create a stablecoin? (technologyreview.com)
- Bitmain is going public. (wsj.com)
Companies
- How Apple ($AAPL) has generally avoided big scandals. (nytimes.com)
- The SEC is not happy with Elon Musk. (cnbc.com)
Finance
- The many trends that are behind the decline in the number of listed US companies. (economist.com)
- The stock exchanges make big money from selling data. (wsj.com)
Funds
- Just how value-y is your value ETF? (morningstar.com)
- Is the bloom off the smart-beta rose? (barrons.com)
Global
Economy
- US households have rebuilt their balance sheets. (scottgrannis.blogspot.com)
- Two reasons to worry about the federal budget deficit. (pragcap.com)
- Despite weak crop prices, farmland values are holding up. (agriculture.com)
Earlier on Abnormal Returns
- Podcast links: narrow banking. (abnormalreturns.com)
- Startup links: corporate citizens. (abnormalreturns.com)
- Personal finance links: wise spending. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: convex vs. concave returns. (abnormalreturns.com)
Mixed media
- "The Cost-Benefit Revolution" by Cass Sunstein makes the case for these boring, but important calculations. (timharford.com)
- "Billion Dollar Whale" by Tom Wright and Bradley Hope includes "global intrigue, financial crime, wealth porn, and absurdity." (newyorker.com)
- Jake Knapp and John Zeratsky in "Make Time: How to Focus on What Matters Every Day" explain how to prioritize your day. (readingthemarkets.blogspot.com)