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Quote of the Day
"The smart money isn’t as smart as it fancies itself, and the dumb money isn’t as dumb as everybody thinks it is. The only smart money is the money that knows its own limitations."
(Jason Zweig)
Chart of the Day
S&P 500 earnings historically have rarely increased in the 4-8% range. (via @LeutholdGroup)
Markets
- The Dow is up nine straight weeks. Do we care? (priceactionlab.com)
- A look at 100 years of credit risk: the two phases. (crossingwallstreet.com)
Strategy
Berkshire Hathaway
- The 2018 Berkshire Hathaway ($BRK.A) annual shareholder letter. (berkshirehathaway.com)
- Berkshire Hathaway stock is not having a good 2019. (howardlindzon.com)
- Some takeaways from the Buffett letter. (evidenceinvestor.com)
- Warren Buffett acknowledges benefiting from the 'American tailwind.' (feld.com)
Companies
- StitchFix's ($SFIX) super is data, i.e. sending you stuff that will fit. (fastcompany.com)
- Is the 3G business model played out? (wsj.com)
Finance
Brokers
ETFs
Global
- The demographics of the US look a lot better than that of China or Europe. (collaborativefund.com)
- New Zealand really doesn't want more foreign real estate buyers. (nytimes.com)
Economy
- How to think about the auto loan delinquency 'problem.' (themarketcyclist.com)
- How investing in workers can help reduce churn, the case of KitchenAid. (wsj.com)
- Visualizing 150 years of US employment history. (visualcapitalist.com)
- Older workers are an untapped resource. (fastcompany.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming 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: a career accelerant. (abnormalreturns.com)
- Warren Buffett’s (investing) brother from another mother. (abnormalreturns.com)
