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Quote of the Day
"The problem for markets today is not the Fed. The problem for markets today is the guy in the White House."
(Ben Hunt)
Chart of the Day

Only ~10% of S&P 500 stocks are trading above their 200 day moving average. (via @charliebilello)
Markets
- Nice work, everyone. The stock market had its worst Christmas Eve performance ever. (axios.com)
- The S&P has declined 1.5% (or more) for 4 days in a row. This has only happened twice since WWII. (theirrelevantinvestor.com)
- The current 8-day losing streak in SPY is the longest since January 2008 at the start of the financial crisis bear market. (priceactionlab.com)
- Putting market drawdowns into perspective. (capitalspectator.com)
- RIP, the post-GFC bull market. (crossingwallstreet.com)
Strategy
- What do you think Warren Buffett is doing at the moment? (thereformedbroker.com)
- Of course, you are feeling nervous right now. (prestondmcswain.com)
Fundamentals
- Eddy's 2019 Buy List is here. (crossingwallstreet.com)
- In praise of fundamentals. (albertbridgecapital.com)
Companies
- SalesForce ($CRM) keeps on keeping on. (techcrunch.com)
- What does a modern retail experience look like? (wsj.com)
Finance
- Quantitative trading, in all its flavors, now represents some 85% of all equity trading. (wsj.com)
- Who's hiring (and firing) in the hedge fund space. (media.thinknum.com)
- Why Wall Street swag is in secular decline. (barrons.com)
Funds
- Leveraged loan prices have fallen 4% in the past month. (bloomberg.com)
- When low fees matter, and when they don't. (qz.com)
- JP Morgan ($JPM) dominated the list of the biggest ETF launches of 2018. (etf.com)
Global
Economy
- The Case-Shiller house index showed a 5.5% year-over-year increase through October. (calculatedriskblog.com)
- How will the Fed deal with "Trumpian induced-uncertainty"? (blogs.uoregon.edu)
- There are three flavors of liquidity. The Fed only controls one of them. (behavioralmacro.com)
- Bill McBride's 10 big economic questions for 2019. (calculatedriskblog.com)
Books
- The 7 best investing and money books of 2018 including "Big Mistakes: The Best Investors and Their Worst Investments" by Michael Batnick. (forbes.com)
-
Some favorite books from the High Alpha crowd including "Blitzscaling"
by Reid Hoffman and Chris Yeh. (medium.com) - Why you weren't able to find copies of some bestsellers this holiday season. (nytimes.com)
Earlier on Abnormal Returns
- Dabbling in the markets is not the same thing as having a well-thought out investing plan. (abnormalreturns.com)
- Personal finance links: highly personal plans. (abnormalreturns.com)
- Research links: fragile factors. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: rewarding loyalty. (abnormalreturns.com)