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Quote of the Day
"Lower investing costs are nearly always better. Funds that call themselves free, however, can monkey with investors’ minds in surprising ways. If funds with zero expenses become more popular, investors will need to remember that expense-free doesn’t mean risk-free."
(Jason Zweig)
Chart of the Day

By this measure the Chinese stock market hasn’t done much for the past decade (or so).
Markets
- Chinese stocks had a big February. (stockcharts.com)
- January 1, 2000 was a bad time to start investing. (awealthofcommonsense.com)
Strategy
- There is no other way to approach the market than with humility. (stockcharts.com)
- Do you want your hedge fund constrained or flexible? (mrzepczynski.blogspot.com)
Companies
- Big Food has big problems. (barrons.com)
- Amazon ($AMZN) is reportedly planning to launch standalone grocery stores separate from Whole Foods. (wsj.com)
- There is a movement against cashless stores. (axios.com)
- If Big Food can get disrupted, what industries are next? (mutualfundobserver.com)
Lyft
Finance
- Community banks are having a hard time keeping up with the big banks on the technology front. (wsj.com)
- Are CLOs the new subprime? (bloomberg.com)
- The buyback debate explained. (visualcapitalist.com)
Economy
- Q4 GDP numbers were encouraging. (econbrowser.com)
- Demographics are now a positive for home building (and buying). (calculatedriskblog.com)
- A succinct summary of the week's big economic numbers. (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: newspaper carcasses. (abnormalreturns.com)
- The power of pyt: or how to care less. (abnormalreturns.com)
- The 2019 Credit Suisse Global Investment Returns Yearbook is here. (abnormalreturns.com)
Mixed media
- Work IS important. Your job, not so much. (epsilontheory.com)
- Why are some American men so unhappy? (qz.com)
- Today's workers rarely have a half an hour of uninterrupted, concentrated work. (blog.rescuetime.com)
- Mentoring helps more than just the mentee. (hbr.org)
- An example of thinking outside the box. (humbledollar.com)