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Quote of the Day
"When the harvest in one place has been consistently good, people are reluctant to look elsewhere. But wiser investors follow the practice of Peru’s mountain farmers and spread their bets far and wide. America’s stockmarket cannot outperform forever. When the investment climate changes, a heavy tilt towards a single country can be costly."
(The Economist)
Chart of the Day

Commodities have been the worst performing asset class over the past five years, by far.
Markets
- Please stop with the "death cross" talk. (quantifiableedges.com)
- The structure of the corporate bond and stock markets are very different, industry-wise. (wsj.com)
- This has not been a good year for bonds as diversifier. (mrzepczynski.blogspot.com)
Strategy
- 5 investing lessons learned from the long decline of GE ($GE). (behavioralvalueinvestor.com)
- We can't help but look for narratives that explain big moves. (dashofinsight.com)
- Investors have been getting fooled by speculators for centuries. (medium.com)
Crypto
- Now you can mine cryptocurrencies at home. (fortune.com)
- Only one cryptocurrency isn't in freefall. (ftalphaville.ft.com)
Companies
- Amazon's ($AMZN) roster of in-house brands just keeps growing. (nytimes.com)
- Why Eiad Asbahi of Prescience Point Capital Management is short Kellogg's ($K). (institutionalinvestor.com)
- Apple ($AAPL) needs a new narrative. (aboveavalon.com)
Funds
Global
- Japan is getting cold feet on Abenomics. (ft.com)
- The yield on local currency emerging market bonds now exceeds that on dollar-denominated EM bonds. (ft.com)
- Why the performance of the FTSE 100 has been so disappointing. (ftalphaville.ft.com)
Economy
- Weekly initial unemployment claims data continues to trend at low levels. (calculatedriskblog.com)
- Why superstar cities continue to have such a big advantage attracting high-paying jobs. (economist.com)
Earlier on Abnormal Returns
- Startup links: struggle porn. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: like eating broccoli. (abnormalreturns.com)
- There are no shortcuts to real news. (abnormalreturns.com)
- There is no single formula for success. (abnormalreturns.com)