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Quote of the Day
"It’s typical for Millennials to bear blame for dramatic cultural and economic changes when their only crime is behaving like everybody else...In the biggest picture—from cars and houses to restaurants and grocers—Millennials aren’t serial killers. They’re serial scapegoats."
(Derek Thompson)
Chart of the Day

Bear market probabilities and economic recessions charted. (via @sentimentrader)
Strategy
- Barry Ritholtz, "Most of the time, the results reveal why spending too much time either paying attention to — or making — forecasts is mostly wasted effort." (bloomberg.com)
- 'Normal accidents' in the stock market should be expected. (awealthofcommonsense.com)
- You can't understand the stock market without understanding crowd dynamics. (theirrelevantinvestor.com)
- Your neighbors and family can have an outsized effect on your investment decisions. (wsj.com)
- It's hard to be a long-term investor if you aren't a optimist at heart. (retirementfieldguide.com)
Crypto
- Coinbase is planning to dramatically increase the number of cryptocurrencies it trades. (techcrunch.com)
- Cryptocurrencies are not better than current money. (pragcap.com)
Companies
- How Warren Buffett was able to increase the size of his 'circle of competence' over time. (forbes.com)
- American business is increasingly subscription-based. (barrons.com)
- Joe Pompeo, "BuzzFeed, Vice, and Vox share some common challenges." (vanityfair.com)
IPOs
- 2019 could be the year public and private markets sync back up again. (avc.com)
- Slack is planning a 2019 IPO. (businessinsider.com)
- So is a little company called Uber. (cnbc.com)
- Moderna's ($MRNA) big IPO did not perform as expected. (bloomberg.com)
Funds
Global
Yield curve
- Has there been a structural break in the ability of the yield curve to forecast the economy? (aswathdamodaran.blogspot.com)
- How does a shrinking term spread play in all the about the yield curve? (econbrowser.com)
Economy
- It's hard to see a trend change in the November jobs data. (blogs.wsj.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: inescapable entropy. (abnormalreturns.com)
Mixed media
- MBAs give you a leg up when you want to switch industries and/or careers. (wsj.com)
- Business schools continue to roll out specialized MBA programs like aerospace. (ft.com)
- Business schools are trying to get remote students feel more engaged. (wsj.com)
- The FT European business school rankings for 2018. (ft.com)