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Quote of the Day
"The reason we see ridiculous stats like this all the time is because there is a huge audience for it. ..The reason certain people eat this up is because it provides the illusion that we live in a world where the future will resemble the past."
(Michael Batnick)
Chart of the Day

Things to consider when investing in bonds when the yield curve is flat. (via @koyfin)
Markets
Strategy
- Every market decision is market timing. (financialsamurai.com)
- Your first instinct may not be your best. (morningstar.com)
- 401(k) investors are more like to invest in a fund at the beginning of the alphabet. (independenceadvisors.com)
Crypto
Warren Buffett
- Is Warren Buffett out of things to say? (institutionalinvestor.com)
- Kraft Heinz ($KHC) shows us that finding defensible moats isn't easy. (sl-advisors.com)
ETFs
- Four key developments in the ETF industry in 2018. (alphaarchitect.com)
- Not all quality factor ETFs are created equal. (etf.com)
Global
Economy
- Weak housing construction points towards lower growth. (capitalspectator.com)
- Increase chemical activity points toward higher growth. (valueplays.net)
- The current Fed has made its statements more readable. (reuters.com)
Earlier on Abnormal Returns
- Personal finance links: an everything change. (abnormalreturns.com)
- A personal-finance focused index card for young adults. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: hedge fund crowdedness. (abnormalreturns.com)
Mixed media
- A Q&A with Daniel Laurison and Sam Friedman, co-authors of the new book " The Class Ceiling: Why It Pays to Be Privileged." (theatlantic.com)
- There is no upside to having an abusive boss. (nytimes.com)
- How getting a promotion can lose you friends at work. (wsj.com)
- How Fortune 500 CEOs spend their time. (visualcapitalist.com)