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Quote of the Day
"Mr. Bogle hadn’t always been his own industry’s harshest critic. Like St. Paul, the former persecutor of the first Christians, Mr. Bogle blazed with the zeal of the convert; he knew about high fees and performance-chasing firsthand. He had long defended many of the industry practices he eventually derided."
(Jason Zweig)
Chart of the Day

Can the economy doing that badly if railroad stocks are bouncing back?
Strategy
- Hard work is great, but it is no guarantee of investment success. (scheplick.com)
- How rules prevent us from doing stupid stuff. (mrzepczynski.blogspot.com)
Companies
- Successful innovators inevitably spawn imitators and idiots, both. (medium.com)
- Why companies are having a harder time holding onto high performers. (hbr.org)
- Companies are, in part, to blame when employees 'ghost' them. (barrons.com)
- Technology eschews mediocrity. (seths.blog)
Funds
Real estate
- A map of falling real estate prices across New York City. (bloomberg.com)
- Florida is still a hot destination for tax-refugees. (bloombergquint.com)
- Why we need greater density in the inner suburbs. (citylab.com)
Economy
- A model that incorporates both economic policy uncertainty and the yield curve shows a rising risk of recession. (econbrowser.com)
- Rising wages are making fast food more expensive. (businessinsider.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the holiday-shortened 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: ubiquitous computing. (abnormalreturns.com)