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Quote of the Day
"Risk’s greatest fuels are leverage, overconfidence, ego, and impatience. Its greatest enemies are having options, humility, and other people’s trust."
(Morgan Housel)
Chart of the Day

“When you were born might be the single most important factor when determining your experience in the market. It’s also the one that is completely out of your hands.”
Markets
- Measures of market valuation tell us little about one-year ahead returns. (blog.validea.com)
- Why you should expect a pick up in share buyback activity. (ftalphaville.ft.com)
Strategy
- A wide-ranging Q&A with Michael Mauboussin of Blue Mountain Capital Management. (forbes.com)
- Brenda Jubin, "Crosby’s book [The Behavioral Investor] is eminently readable, with ample stories and studies." (readingthemarkets.blogspot.com)
Crypto
Finance
- Public pension plans have a hard time tracking all the securities litigation pending for the securities in their portfolios, especially overseas. (institutionalinvestor.com)
- The sell-side continues to push into the data business. (wsj.com)
Funds
- A Q&A with Peter Kraus, CEO of Aperture Investors, on their performance-based fee fund model. (fortune.com)
- The power of the largest asset managers is only going to grow over time. (blogs.cfainstitute.org)
Economy
- US manufacturers are expanding, and increasingly doing so as close to their customers as possible. (wsj.com)
- It's hard to underestimate the changes in the American energy scene. (blairbellecurve.com)
- Why its good news that demand for new homes are shrinking. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Personal finance links: the easy inclination. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: decaying signal strength. (abnormalreturns.com)
- You are never done being you. (abnormalreturns.com)