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Quote of the Day
"And still, we need a New Year. It represents a symbolic and psychological break from the messiness of the preceding twelve months, and it offers us the opportunity to gather, celebrate, plan and commemorate. Those are all very good things."
(David Snowball)
Chart of the Day
Publicly traded asset managers did not have a good 2018. (via @charliebilello)
Performance
- How major asset classes performed in December and 2018 as a whole. (capitalspectator.com)
- How various tactical asset allocation strategies performed in December. (allocatesmartly.com)
Markets
- The S&P 500 is trading at 14.2x 2019 forecast earnings. (ft.com)
- 123 years of Dow returns. (albertbridgecapital.com)
Strategy
- Cullen Roche, "In my opinion, the best thing about the financial markets is that they teach you patience and discipline. If you’re impatient and undisciplined in this game you will not succeed." (pragcap.com)
- The biggest market reactions often occur after big declines. (ofdollarsanddata.com)
- You can't create better habits in front of the trading screen. (traderfeed.blogspot.com)
- Everything is one way or another a duration bet. (demonetizedblog.com)
Where to find me
- Find me out at Ritholtz Wealth Management where I am the Director of Investor Education. (ritholtzwealth.com)
- Check out our financial history-focused Market Moment every day in your Alexa flash briefing. (amazon.com)
- Sign up for our daily e-mail newsletter. (abnormalreturns.com)
- Follow (and like) Abnormal Returns on Facebook. (facebook.com)
- Follow me on LinkedIn. (linkedin.com)
JP Morgan
- Incentives matter, case #3862: incentive-laden credit cards are extremely popular. (wsj.com)
- JP Morgan ($JPM) is not messing around in the mobile payments space. (tearsheet.co)
Finance
Funds
- $1 billion-plus hedge fund launches are few and far between these days. (bloomberg.com)
- 152 ETFs closed in 2018. (etf.com)
Global
- Canada is an attractive destination for skilled immigrants. (bloomberg.com)
- However, Canadian investor through their reliance on the big banks pay more in fund fees. (evidenceinvestor.com)
Economy
- How many rate hikes should we expect from the Fed in 2019? (calculatedriskblog.com)
- What will the core CPI rate look like for 2019? (calculatedriskblog.com)
Books
- There is a new and full version of Charles Mackay’s "Extraordinary Popular Delusions and the Madness of Crowds." (readingthemarkets.blogspot.com)
- Five books that will convince you the world is going to hell in a hand basket. (markmanson.net)
- On the benefits of taking notes while you read a book. (mullooly.net)
Earlier on Abnormal Returns
- Personal finance links: frozen credit. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: pricing Armageddon. (abnormalreturns.com)
- Wrapping up 2018 with some top five lists. (abnormalreturns.com)
