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Quote of the Day
"Index funds and ETFs will never bring you alpha but they also won’t require a board committee meeting to determine why your portfolio manager is in the news yet again for erratic behavior."
(Ben Carlson)
Chart of the Day

The Canadian stock market has been underperforming the US stock market for the better part of a decade. (via @allstarcharts)
Strategy
- Investing is all about balancing the risks of 'fast failure' and 'slow failure.' (blog.thinknewfound.com)
- One of the great things about investing is that you can do it well into your silver years. (rp-pieces.com)
Housing
- Mortgage rates are pretty much in line with the 10-year Treasury. (calculatedriskblog.com)
- Another sign that Miami is experiencing an influx of the wealthy fleeing high tax states. (businessinsider.com)
- 3D printed homes are becoming a reality. (fastcompany.com)
Companies
- Why is Apple's ($AAPL) capex spending in decline? (aboveavalon.com)
- Inside the battlefield that is Wayfair's ($W) stock. (ftalphaville.ft.com)
Finance
- Asset managers continue to build scale to survive. (ft.com)
- By opening up more of its in-house units to outside investment, Goldman Sachs ($GS) is looking more like a private-equity firm. (wsj.com)
ETFs
- Where ETFs fall short: education. (etf.com)
- Why would an ETF trade away from NAV? (morningstar.com)
- Money is finally starting to flow into ESG ETFs. (etf.com)
- The ETF Deathwatch for February 2019. (investwithanedge.com)
Global
Economy
- Demographics are now positive for home buying. (calculatedriskblog.com)
- Current data supports the Fed staying on pause. (capitalspectator.com)
Earlier on Abnormal Returns
- Personal finance links: sustainable average speeds. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: the wayback file. (abnormalreturns.com)
- Why we, as a society, need to be willing to pay for real news. (abnormalreturns.com)
- More evidence that our brains are ill-suited to investing. (abnormalreturns.com)