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Quote of the Day
"If you know that markets break, and you know that broken markets break our investing compass, then it makes sense to really take the time to determine how much risk you need to take, because taking too much risk can cause you to forget why you’re taking risk in first place."
(Michael Batnick)
Chart of the Day

The spread in 2018 YTD country equity returns is stunning. (via @charliebilello)
Markets
- There is the US stock market and everything else over the past twelve months. (capitalspectator.com)
- We will soon be dropping 2008 off of 10-year performance figures. (washingtonpost.com)
- How the biggest IPOs have performed in 2018. (markets.businessinsider.com)
Yields
- Bond sentiment is getting bearish. (topdowncharts.com)
- Equity investors are beginning to notice the rise in yields. (wsj.com)
- Higher yields will eventually lead to higher bond returns. (awealthofcommonsense.com)
Strategy
- Ten lessons learned from the best investors' biggest mistakes. (aaii.com)
- The performance of emerging markets is a great lesson in portfolio construction. (etf.com)
Companies
- A company's board is increasingly the new pool for CEO candidates. (wsj.com)
- A list of everything up for sale at GE ($GE). (bloomberg.com)
Finance
- Private equity firms have been quick to raise big infrastructure funds, but slow to put them to work. (wsj.com)
- JP Morgan ($JPM) is giving new hires coding lessons. (ft.com)
Funds
- Why don't investment consultants get more blame for the pensions mess? (blairbellecurve.com)
- Seven questions (and answers) about actively managed ETFs. (wsj.com)
- Keeping track of active managers is a big hassle. (evidenceinvestor.co.uk)
- How to assess the tax-efficiency of taxable mutual funds. (morningstar.com)
Economy
- The global economy is getting a bit unsynchonized as the US economy continues to lead. (ft.com)
- William D. Nordhaus and Paul M. Romer were awarded the 2018 Nobel prize in economic science. (nytimes.com)
- Why Paul Romer won the Nobel Prize in economics. (marginalrevolution.com)
- Why William Nordaus won the Nobel Prize in economics (marginalrevolution.com)
Earlier on Abnormal Returns
- Adviser links: admiration and concern. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
Mixed media
- Fred Wilson, "My guess is that we are in the early innings of a long and painful restructuring of retail, ground floor real estate, and the shopping experience more broadly." (avc.com)
- It's hard to overestimate the cost of commuting. (bonefidewealth.com)
- The reception desk is on its way out. (ft.com)