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Quote of the Day
"The biggest benefit is that ETFs make it child’s play to put together an institutional quality portfolio. We lose sight of that. I can put together a portfolio in my Schwab account on par with Harvard’s endowment. There’s no distinction between what’s available to institutions and my mom."
(Dave Nadig)
Chart of the Day

“If your job is to manage other people’s money, you have probably just had a terrible 12 months.”
Markets
- 2017 and 2018 could not have been more different in the stock market. (awealthofcommonsense.com)
- The story behind the huge drop in the price of lumber. (wsj.com)
- December was a historically bad month. What happens next? (morningstar.com)
Strategy
- Why companies, and markets, can turn on a dime. (thereformedbroker.com)
- How 'hyperbolic discounting' plays a role in value investing. (intrinsicinvesting.com)
Where to find us
- 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)
- You can find all of our posts on LinkedIn. (linkedin.com)
- Follow (and like) Abnormal Returns on Facebook. (facebook.com)
- Sign up for our daily e-mail newsletter. (abnormalreturns.com)
Crypto
- A big review of crypto heading into 2019. (medium.com)
- Profitable crypto-focused hedge funds are few and far between. (ft.com)
Apple
- iPhone sales have effectively peaked. (daringfireball.net)
- Apple ($AAPL) has a pricing problem. (venturebeat.com)
- And it just can't seem to get some of the small stuff right. (feld.com)
- Although the Apple ($AAPL) Watch is growing nicely. (twitter.com)
Finance
- Forex trading is technically 24/7 but some lulls during the day allow for wackiness to ensue. (wsj.com)
- Activist investor Elliott Management now has an in-house PE shop. (ft.com)
- Apparently Elliott is not alone in this approach. (bloomberg.com)
- The pool of distressed single-family homes has dried up. Institutional investors are taking matters into their own hands. (wsj.com)
Global
The Fed
- Fed fund futures are showing a Fed on hold. (wsj.com)
- The markets are pointing toward a more cautious Fed. (thereformedbroker.com)
Economy
- Weekly initial unemployment claims ticked up last week. (calculatedriskblog.com)
- The December ADP jobs report showed a big jump. (calculatedriskblog.com)
- The December ISM fell but stayed above 50.0. (calculatedriskblog.com)
- Why is residential investment flattening out? (econbrowser.com)
- Recession fears are growing among Americans. (axios.com)
- Used car prices are on the rise. (wsj.com)
Earlier on Abnormal Returns
- Startup links: sticking around. (abnormalreturns.com)
- What you missed in our Wednesday links. (abnormalreturns.com)
- Personal finance links: frozen credit. (abnormalreturns.com)
- Wrapping up 2018 with some top five lists. (abnormalreturns.com)