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Quote of the Day
"People just want simple answers. They want there to be a “10-step guide” to getting rich or “5 daily habits” to become successful. Though the truth is far messier, they will follow whoever gives them the easy path. I am not immune from this either."
(Nick Maggiulli)
Chart of the Day

Crude oil and natural gas have gone in dramatically different directions.
Markets
- Global fund managers are overweight cash, underweight bonds. (fat-pitch.blogspot.com)
- We've known for a long time that forecasters aren't very good at forecasting. (evidenceinvestor.com)
Strategy
- James Picerno, "Behavioral risk comes in many flavors, of course. But in the grand scheme of events that can derail the best-laid investment plans, whipsaw risk is second to none in the litany of hazards." (capitalspectator.com)
- Twelve investment contradictions. (behaviouralinvestment.com)
Finance
- Five year analysts forecasts are "useless." (ftalphaville.ft.com)
- There is a good chance, chunks of the plane you are flying on are owned by an asset backed security. (wsj.com)
Funds
Shipping and trade
- The current trade war is likely to put a dent in global container traffic. (reuters.com)
- Visualizing global shipping container traffic. (visualcapitalist.com)
Economy
Earlier on Abnormal Returns
- Personal finance links: like eating broccoli. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: squeezing alpha. (abnormalreturns.com)
- There are no shortcuts to real news. (abnormalreturns.com)
- There is no single formula for success. (abnormalreturns.com)