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Quote of the Day
"Sometimes it helps to have lots of variables/measures, but sometimes you only need to know one big thing."
(Nick Maggiulli)
Chart of the Day

Gasoline sales per capital in the US are in secular decline, which explains why gas stations are trying to sell you just about anything in addition to gasoline.
Strategy
- Why investing is hard: it is often counter-intuitive. (thereformedbroker.com)
- How we create a portfolio affects how we think about it. (theirrelevantinvestor.com)
- Playing devil's advocate on the question of whether value investing is dead. (blog.validea.com)
- Home bias looks different from a UK perspective. (bunker-riley.com)
Companies
- Subscriber numbers at the big satellite companies are in free fall. (wsj.com)
- How Netflix ($NFLX) is different from Spotify ($SPOT). (lefsetz.com)
Finance
- Market data is a huge profit center for the major exchanges. (wsj.com)
- Doug Pugliese, "Contrary to whatever you thought before, know you now this: Investment banks are where EBITDA is made." (alphaarchitect.com)
Funds
Economy
- The January ADP private employment showed 213k new jobs. (calculatedriskblog.com)
- The data is showing that recent minimum wage hikes are not job killers. (ritholtz.com)
Earlier on Abnormal Returns
- Personal finance links: conservation and efficiency. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: the liquidity premium. (abnormalreturns.com)
Mixed media
- Why Cal Newport thinks you should get off social media. (wsj.com)
- A study that shows what happens when users deactivate Facebook ($FB) for month. (nytimes.com)
- What happens if you take a month-long break from e-mail? (fastcompany.com)
- Your television is now a computer with all its downsides. (theatlantic.com)