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Quote of the Day
"Thinking seriously about the future requires keeping an open mind, understanding what you don’t know, and seeing things as others see them. If the end result is a good forecast, perhaps we should see that as the icing on the cake."
(Tim Harford)
Chart of the Day

Markets are fearful heading into the holiday season. (via CNN)
The Fed
- If the Fed blinks, what should you do? (themacrotourist.com)
- Why the Fed ain't blinking any time soon. (bloomberg.com)
Strategy
- There are hundreds of ways of losing money in stocks. (safalniveshak.com)
- Global diversification is, in part, a desire to be more diversified by industry. (evidenceinvestor.com)
- How we categorize things matter in investing. (mrzepczynski.blogspot.com)
Factors
- Is the momentum effect too expensive to implement? (institutionalinvestor.com)
- Low vol strategies are not proxies for value and profitability. (morningstar.com)
Crypto
- A year ago everyone went crazy for Bitcoin. A look at what happened next. (thereformedbroker.com)
- Overstock ($OSTK) is betting big on its blockchain subsidiary, Medici. (wsj.com)
Companies
Finance
- A profile of short-sellers who are still short Tesla ($TSLA) stock. (washingtonpost.com)
- Times are tough for independent research boutiques. (bloomberg.com)
- Would you buy a share of a Michelangelo from a former brick manufacturer? (breakingviews.com)
Funds
- When does an actively managed stock fund get too big to succeed? (morningstar.com)
- Why MLP ETFs are being forced to change. (etf.com)
- Many investors don't understand the difference between an ETF and ETN. (morningstar.com)
Economy
- Why you can safely ignore forecast of Black Friday retail sales. (ritholtz.com)
- Five economic reason to be thankful. (calculatedriskblog.com)
- Delayed marriage helps explain assortative mating and growing family income inequality. (marginalrevolution.com)
Earlier on Abnormal Returns
- Podcast links: diversification and optimization. (abnormalreturns.com)
- Startup links: headline numbers. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: controlling costs. (abnormalreturns.com)
- Envy, jealousy and the messy middle. (abnormalreturns.com)
- At the intersection of art and money. (abnormalreturns.com)
Mixed media
- Some of Ben's best holiday spending tips. (awealthofcommonsense.com)
- Don't buy an Apple ($AAPL) HomePod this holiday season. (venturebeat.com)
- Why you can't trust the reviews you see on Amazon ($AMZN) or just about anywhere for that matter. (ftalphaville.ft.com)
- In praise of the 'stocking-only' Christmas. (qz.com)