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Quote of the Day
"This historically rare pairing of steady, low inflation and very low unemployment is a testament to the fact we remain in extraordinary times...I was asked at last week’s news conference whether these forecasts are too good to be true — a reasonable question."
(Jerome H. Powell)
Chart of the Day

Small caps have given up all their relative gains YTD. (via @charliebilello)
Markets
- Cyclical stocks are also underperforming. (disciplinedinvesting.blogspot.com)
- The average stock is currently 12% off its 52-week high. (theirrelevantinvestor.com)
Strategy
- Why the fear of stock market peaks can derail a solid portfolio plan. (theirrelevantinvestor.com)
- We all get what we want out of the stock market, the Stanley Druckenmiller edition. (themacrotourist.com)
Finance
Funds
- Today Blackrock's ($BLK) "Aladdin platform supports more than $18 trillion, making it one of the largest portfolio operating systems in the industry." (institutionalinvestor.com)
- Pimco has purchased muni bond specialist Gurtin Municipal Bond Management. (wsj.com)
- You are going to start hearing more about 'quantamental' investing. (marketwatch.com)
Earlier on Abnormal Returns
- Personal finance links: true wealth. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: ensemble methods. (abnormalreturns.com)
- ESG links: unsettled facts. (abnormalreturns.com)