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Quote of the Day
"A regret is different than a challenge, a mishap, a period of misery, or even a disaster. Most people can deal with all kinds of nonsense that hurts today but you may not regret tomorrow. A lot of what seems risky today you won’t even remember tomorrow."
(Morgan Housel)
Chart of the Day

The return gap between US and foreign stocks is large and growing.
Investing
- A first-hand look at the latest Bogleheads conference. (wsj.com)
- How many buyer and sellers do we need to keep market prices in line? (thereformedbroker.com)
- Real Vision is CNBC for the hedge fund crowd. (nytimes.com)
- Target date-fund allocations haven't changed much from before the GFC. (swanglobalinvestments.com)
Crypto
CEOs
- Who knew? The 'optimal' tenure for a CEO is 4.8 years. (wsj.com)
- The downside for investors when a CEO has too many ideas. (medium.com)
Alternatives
- 2018 is already a record year for venture capital investments. (news.crunchbase.com)
- Mega-funds dominate private equity fundraising YTD. (institutionalinvestor.com)
Global
Economy
- The September NFP report was generally solid. (calculatedriskblog.com)
- The unemployment rate is at the lowest level since 1969. (crossingwallstreet.com)
- 9 charts that help explain the September NFP. (blogs.wsj.com)
Earlier on Abnormal Returns
- Podcast links: the big realignment. (abnormalreturns.com)
- Honestly assessing your edge in the markets. (abnormalreturns.com)
- Success isn't permanent: the case of GE. (abnormalreturns.com)
- What you may have missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: why clarity matters. (abnormalreturns.com)
- Gradual braking and putting money under your mattress. (abnormalreturns.com)
Mixed media
- "It Doesn’t Have to be Crazy at Work”, by Jason Fried and David Heinemeier Hansson is "the best thing published on management this year." (economist.com)
- Career hot streaks can happen at any age. (hbr.org)
- Customer service policies, i.e. refunds, can have a huge long term impact on your business. (m.signalvnoise.com)
- Should you tip your Uber driver? (nytimes.com)
- The late work day slump is real. (fastcompany.com)