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Quote of the Day
"Demanding a solid dividend has merit as a way to limit empire-building, but investors should beware companies that make it a target to be met at all costs."
(James Mackintosh)
Chart of the Day

Warren Buffett’s Berkshire Hathaway ($BRK.A) continues to build up cash.
Algorithms
- The latest data Wall Street wants: your smartphone location data. (wsj.com)
- Product pricing is not a science. (awealthofcommonsense.com)
- Your customer service wait time is increasingly determined by an algorithm. (wsj.com)
Blogosphere
- The Reformed Broker blog is a lesson in what hard work and a singular voice can accomplish. (thereformedbroker.com)
- The tables are turned: Ben Hobson interviews the prolific Barry Ritholtz. (stockopedia.com)
Apple
- If you are tracking new iPhone sales at Apple ($AAPL) you are likely missing the point. (howardlindzon.com)
- A closer look at the fundamental changes to Apple's ($AAPL) business model. (knowledge.wharton.upenn.edu)
- Apple ($AAPL) has a great installed base, but are its prospects for growth done? (bloomberg.com)
- Apple ($AAPL) spent $73 billion on share buybacks. (ftalphaville.ft.com)
Global
Economy
- Another month, another strong NFP report. (calculatedriskblog.com)
- Some additional detail on rising wage growth. (blogs.wsj.com)
Earlier on Abnormal Returns
- Podcast links: unconventional careers. (abnormalreturns.com)
- ESG links: the sustainability mega-trend. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: flipping the switch. (abnormalreturns.com)