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Quote of the Day
"Buying put options for your portfolio is an expensive strategy; selling calls is a risky one. Neither is likely to improve your returns over the long run."
(Barry Ritholtz)
Chart of the Day

30-year residential mortgage rates at their highest level since February 2011. (via @charliebilello)
Strategy
- John Rekenthaler, "Avoid analyzing stock-market movements. Equities cannot be interviewed. They cannot explain why they behaved as they did." (morningstar.com)
- The existence of bubbles does not negate the principles behind holding a well-diversified portfolio. (theirrelevantinvestor.com)
- Don't sweat, too much, your 401(k) asset allocation. (awealthofcommonsense.com)
Apple
- Apple ($AAPL) may soon be your next-door neighbor. (ft.com)
- Amazon ($AMZN) will be an authorized Apple ($AAPL) product retailer. (theverge.com)
Quants
- Investors in quant funds, like AQR, are being tested, big-time. (bloomberg.com)
- Who knew? D. E. Shaw has a long-short equity portfolio managed by actual human beings. (wsj.com)
Books
- The ten best books of 2018 per Amazon editors. (businessinsider.com)
- Yet another anecdote about the dysfunctional state of modern book publishing. (m.signalvnoise.com)
- OK, mini-books are kinda cool. (qz.com)
Inflation
- TIPS-implied inflation is pulling back. (capitalspectator.com)
- If you want a straight-up inflation hedge there is only one way to go. (morningstar.com)
Earlier on Abnormal Returns
- Podcast links: rehabilitating a rogue trader. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: aging American companies. (abnormalreturns.com)
- You are never done being you. (abnormalreturns.com)