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Quote of the Day
"So when people ask me if there are too many ETFs, my answer is no. Not just because there’s still room for innovation (which there is), but because the increase in choices keeps us all on our toes. And that’s a good thing."
(Dave Nadig)
Chart of the Day

Why you should keep an eye on the spread between earnings yields and cash.
Emerging markets
- Investing in emerging market bonds requires not only analysis of an ability to pay, but also a willingness to pay. (economist.com)
- On the current state of emerging markets. (cfr.org)
Finance
- Eddie Lampert just can't quit Sears Holdings. (bloomberg.com)
- Sometimes catastrophe bonds go (nearly) to zero. (wsj.com)
Funds
- Target date funds are a blunt instrument. (morningstar.com)
- Why institutions love to trade bond ETFs. (blackrockblog.com)
Alexa
- Amazon ($AMZN) is opening up Alexa to crowdsourced answers to common questions. (theverge.com)
- Amazon ($AMZN) is working to improve its music selections. (fastcompany.com)
- You now hear me, Josh Brown and Blair DuQuesnay reading short "Market Moments" every day in your Alexa flash briefings. More here: (thereformedbroker.com)
Economy
- Weekly initial unemployment claims are still hanging around historical lows. (calculatedriskblog.com)
- Visualizing American income by age group. (visualcapitalist.com)
Earlier on Abnormal Returns
- Startup links: expanding their purview. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: peddling sophistication. (abnormalreturns.com)
- ESG links: social aspects of business. (abnormalreturns.com)