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Quote of the Day
"Even if you successfully picked the bottom, would you have held for 10 years? It’s easy to say that of course you would be a buy-and-hold investor. But even with perfect hindsight there were plenty of great reasons to sell along the way."
(James Mackintosh)
Chart of the Day

A cautionary tale: if you had invested $10,000 in the Snap ($SNAP) IPO.
Strategy
- Successful investors don't ask too much of themselves. (marketfox.org)
- Seek wealth, not status. (thereformedbroker.com)
Crypto
Companies
- Facebook ($FB) wants to be WeChat. (nytimes.com)
- There are a lot of uncertainties in trying to put a valuation on first out of the gate, Lyft. (aswathdamodaran.blogspot.com)
IPOs
- More IPOs mean more IPO millionaires. (nytimes.com)
- Tradeweb has filed to come public. (businessinsider.com)
Funds
- On the differences between the two big low vol ETFs. (etf.com)
- What it takes to get kicked out of a hedge fund these days by the manager. (wsj.com)
Global
Housing
- There was a big jump in January housing starts. (calculatedriskblog.com)
- The state of the US housing (in charts). (awealthofcommonsense.com)
- How technology is changing home lending. (thebasispoint.com)
Economy
- The February NFP report showed tepid jobs growth (calculatedriskblog.com)
- In these charts it looks like a blip. (blogs.wsj.com)
- How hot is the job market in your town? (wsj.com)
Earlier on Abnormal Returns
- Podcast links: workplace misfits. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Give yourself the permission to satisfice in investing (and life). (abnormalreturns.com)
- Acknowledging luck is not a sign of weakness, but a sign of humility. (abnormalreturns.com)
- Startup links: toxic work cultures. (abnormalreturns.com)