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Quote of the Day
"Fidelity Investments has 27 million customers and does $18.2 billion in revenue per year. So the average Fidelity investor is paying $675 a year in fees. But almost none receive a bill or write a check. Auto-deducted fees are out of sight, out of mind."
(Morgan Housel)
Chart of the Day

Even against a proper benchmark, hedge fund performance is nothing to brag about.
Markets
- A S&P 500 death cross is an inevitability. (priceactionlab.com)
- Low vol stocks have gone ahead during the current correction. (capitalspectator.com)
- Aaron Brown, "The message for hedge fund investors seems to be that macro and arbitrage funds are doing fine." (bloomberg.com)
Strategy
- Don't discount the prospects for a yield curve inversion. (themacrotourist.com)
- Diversification can reduce risk, not eliminate it altogether. (medium.com)
Crypto
Finance
- Correlation or causation? Private funds with the most transparency also have the highest returns. (institutionalinvestor.com)
- What's NOT going to change in the business of investing over the next decade? (awealthofcommonsense.com)
Funds
- A nice profile of O'Shaughnessy Asset Management and how they are using quant models in the indexing age. (citywireusa.com)
- The ETFs with the biggest taxable capital gains distributions for 2018. (morningstar.com)
Books
- An excerpt from James Clear's "Atomic Habits" on procrastination. (jamesclear.com)
- Jason Kottke pulls together a post with a bunch of year-end 'best of 2018' book lists. (kottke.org)
- The 29 best books we read in 2018. (businessinsider.com)
Global
Economy
- The November NFP report came on with a 3.7% unemployment rate. (calculatedriskblog.com)
- Will the real term spread stand up? (valueplays.net)
- A review of the macro picture shows weakening data, especially in housing. (fat-pitch.blogspot.com)
- Jordan Weissmann, "In other words, today’s young adults aren’t especially thrifty, given what they make." (slate.com)
Earlier on Abnormal Returns
- Podcast links: frugal athletes. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: expanding their purview. (abnormalreturns.com)