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Quote of the Day
"Quitting – or adjusting, or changing paths – on top is so hard, because no one knows where the top is."
(Morgan Housel)
Chart of the Day

The S&P 500 has been down 19 of the past 25 days. The last time that occurred was 2000. (via @OddStats)
Markets
- How often does a 10% correction turn into a 20% bear market? (awealthofcommonsense.com)
- Charlie Bilello, "Daily financial news is primarily a form of entertainment, which should play no role in how you manage your portfolio." (pensionpartners.com)
Strategy
- Fourteen solid investment principles. What do yours look like? (bpsandpieces.com)
- On the pain of being a value investor. (economist.com)
Crypto
Companies
- On the nasty credit card breakup between Wal-Mart ($WMT) and Synchrony Financial ($SYF) (wsj.com)
- Blackrock ($BLK) is going to beef up its Atlanta hub. (wsj.com)
Finance
- Private equity is on track to overtake hedge funds as the largest alternative asset class. (ft.com)
- The Council of Institutional Investors wants to halt the listing of companies with dual-class shares. (institutionalinvestor.com)
Fund management
- Don't ask questions during due diligence simply to make yourself look smart. (behaviouralinvestment.com)
- Gender diverse investment teams just make sense. (blogs.cfainstitute.org)
- State Street's Portfolio SPDRs have seen "$20 billion in net creations thus far." (etf.com)
Economy
- The weekly initial unemployment claim ticked up off of historic lows. (calculatedriskblog.com)
- Retail housing investment is still at a historically low level. (calculatedriskblog.com)
Books
- Today is DonorsChoose.org book match day. (feld.com)
- In "Crashed: How a Decade of Financial Crises Changed the World" by Adam Tooze takes on the challenge of explaining the GFC. (lrb.co.uk)
- A Q&A with James Clear author of "Atomic Habits: An Easy and Proven Way to Build Good Habits & Break Bad Ones." (quietrev.com)
- Icelanders have stopped buying books. (qz.com)
Earlier on Abnormal Returns
- Startup links: why money matters. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: past lottery winners. (abnormalreturns.com)