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Quote of the Day
"Smart is the ability to solve hard problems, which can be done many ways. Stupid is a tendency to not comprehend easy problems. It’s also is a diversified trait."
(Morgan Housel)
Chart of the Day

The boom in new, large apartment buildings is impressive by historical standards.
Strategy
- Why the stock market (generally) goes up. (factorinvestor.com)
- A lot of investment "edges" have very little to do with investing. (awealthofcommonsense.com)
Buybacks
- There is little evidence in favor of banning stock buybacks. (cfr.org)
- Banning buybacks will only cause unintended consequences. (thereformedbroker.com)
Apple
- Goldman Sachs ($GS) and Apple ($AAPL) are teaming up to offer an iPhone-linked credit card. (wsj.com)
- What's up with "Project Titan"? (theverge.com)
- Is Apple ($AAPL) serious about playing in the home? (macworld.com)
McDonald's
- The history of McDonald's ($MCD) breakfast. (cnn.com)
- One guy's lifelong obsession with the McRib. (nytimes.com)
Finance
- It's just a matter of time before one of the tech giants makes a big move into personal finance. (financial-planning.com)
- It's not a fluke that institutions continue to pile into private equity. (economist.com)
Funds
- Elisabeth Kashner, "The days of blockbuster [ETF] launches that appeal to a wide swath of independent investors seem to be behind us." (insight.factset.com)
- Index methodologies are already sufficiently transparent. (etf.com)
- The ETF Deathwatch for January 2019 grew in size. (investwithanedge.com)
Global
Economy
- Weekly initial unemployment claims are still at historically low levels. (calculatedriskblog.com)
- Voter ID laws neither deter voting or fraud. (vox.com)
Earlier on Abnormal Returns
- Startup links: leadership vs. management. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: identifying your goals. (abnormalreturns.com)
- Knowing the difference between off the rack and bespoke indices. (abnormalreturns.com)