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Quote of the Day
"After controlling for wealth, income, skills, and other demographics to level the playing field, the data clearly showed that optimists were significantly more likely to experience better financial health than pessimists, and engage in healthier habits with their money."
(Michelle Gielan)
Chart of the Day

How the stock market performs after quadruple witching. (via @QuantEdges)
Markets
- The past few decades have not been great for global equities from a US perspective. (fortunefinancialadvisors.com)
- How 33 markets have performed in the past decade. (rcmalternatives.com)
Behavioral finance
- How financial bloggers have dealt with their worst behavioral bias. (yourbrainonstocks.com)
- Daniel Kahneman isn't optimistic that knowing about biases will actually change behavior. (awealthofcommonsense.com)
Companies
- Nobody asks Fortune 500 CEOs where they went to college. (bloomberg.com)
- Size, in and of itself, is not an argument for breaking up Big Tech. (thehill.com)
- Amazon ($AMZN) is increasingly coming into competition with its own suppliers. (wsj.com)
Finance
- Smile Direct Club has filed for an IPO. (axios.com)
- Alipay is expanding rapidly outside of China. (qz.com)
- When a missed e-mail costs you a $126.5 million fee. (bloomberg.com)
Funds
- ETF fees are scraping the bottom of the barrel. What else matters for investors? (morningstar.com)
- A short history of the rise and fall of mutual fund fees. (morningstar.com)
- How Bill Gross' career could have turned out differently. (economist.com)
Global
Emigration
- If life is better elsewhere, why don't more Americans emigrate? (bloomberg.com)
- Which countries attract the most skilled workers? (visualcapitalist.com)
Earlier on Abnormal Returns
- Podcast links: podcast burnout. (abnormalreturns.com)
- Want to find some new financial bloggers? We're here to help. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: big wins. (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)