Note: Due to some technical issues Tuesday’s linkfest was lost to the ether. We will get back on schedule tomorrow.
Quote of the Day
"Patience is the intelligent investor’s greatest strength."
(Cullen Roche)
Chart of the Day

Satya Nardella has successfully transformed Microsoft ($MSFT) in the past five years. (chart via koyfin)
Markets
- Why the 200 day moving average does (and doesn't) matter. (thereformedbroker.com)
- Why stock-picking contests are not all that useful. (ritholtz.com)
Strategy
- The only way to win in investing is to survive. (safalniveshak.com)
- Patience is a virtue when it comes to investing. (marketfox.org)
- Two reasons why we abandon investment strategies: drawdowns and extended periods of low returns. (twocenturies.com)
- Five reasons we make stupid investment decisions. (behaviouralinvestment.com)
Finance
Bill Gross
- Don't discount Bill Gross' career based on a bad couple of years. (bpsandpieces.com)
- There are a lot of theories why Bill Gross' performance dropped off. (economist.com)
Funds
- Most public pension plans have not benefited from their push into alternatives. (institutionalinvestor.com)
- Are fund managers pursuing the wrong kind of machine learning? (ft.com)
- Another story of a hedge fund unable to make the transition from the founding manager. (bloomberg.com)
- Should multi-factor ETFs try to time factors? (morningstar.com)
Economy
- The economy moves in big waves, but can effect individuals differently. (awealthofcommonsense.com)
- The past two years have been a perfect wave for the US jobs economy. (ftalphaville.ft.com)
- Public companies invest more than private companies. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: funding your liabilities (abnormalreturns.com)
- Q&A with Brent Beshore author of “The Messy Marketplace: Selling Your Business in a World of Imperfect Buyers.” (abnormalreturns.com)
- Research links: the secret is out. (abnormalreturns.com)
- ESG links: psychocultural barriers. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Ten charts that demonstrate investing is hard. (abnormalreturns.com)