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Quote of the Day
"Take always and never out of your vocabulary because markets love nothing more than to humble investors and traders who become too confident."
(Ben Carlson)
Chart of the Day

Cyclical stocks have been outperforming since December.
Markets
Strategy
- On the difference between bearing risk and exploiting mispriced odds. (demonetizedblog.com)
- A seven point algorithm for equity investing that Charlie Munger would appreciate. (fs.blog)
- How to make 'learning by doing' less fraught with risk. (thefinancialbodyguard.com)
Crypto
- This may be the best use case for Bitcoin. (nytimes.com)
- On the difference between constrained and unconstrained securities. (ftalphaville.ft.com)
Companies
Finance
- Peloton has filed to go public. (bloomberg.com)
- More IPOs, mean more debates about dual-class ownership structures. (ft.com)
Funds
- The first zero-fee ETF has been filed for. (etf.com)
- Consumers play less now for fund management than they ever have. (nytimes.com)
- Why active managers love to trade. (evidenceinvestor.com)
Global
- The developed economies have slowed sharply. (ft.com)
- The downside of having a lot of oil and gas is not using it wisely. (bloomberg.com)
Economy
Earlier on Abnormal Returns
- Adviser links: a collaborative process. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)