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Quote of the Day
"(M)arkets are driven by people, who may be self-interested, but who aren’t necessarily rationally self-interested. They are mere human people, not computer people."
(Robert Seawright)
Chart of the Day

Changing sector composition changes the value of an index. (via @intrinsicInv)
Markets
Strategy
- Nick Maggiulli, 'A mistake is a dividend of knowledge that will pay you until the day you die. So, cherish your mistakes. Learn from them. Value them." (ofdollarsanddata.com)
- How much evidence does it take to back 'evidence-based investing'? (bloomberg.com)
- How to use investment factors to pick your brackets. (bloomberg.com)
Calpers
- The market won't provide returns just because you need them. (awealthofcommonsense.com)
- Calpers is going all-in on private equity, conditions be damned. (ftalphaville.ft.com)
Companies
- Why 165-year old Levi's ($LEVI) chose now to come back public. (nytimes.com)
- Why Disney ($DIS) is going to look at lot different by the end of 2019. (bloomberg.com)
- The new Fox Inc. is driven by Fox News. (hollywoodreporter.com)
Finance
- Are Wall Street's failings due more to evil or incompetence? (morningstar.com)
- Why you should expect to see more deals in the payment space. (wsj.com)
Factors
- Is there a behavioral explanation for the quality factor? (behaviouralinvestment.com)
- Investors are pouring money into multi-factor ETFs. (etf.com)
Economics
- Alan Kreuger had a big impact on empirical economics. (bloomberg.com)
- A personal remembrance of Alan Kreuger. (ritholtz.com)
Earlier on Abnormal Returns
- Research links: hiring and firing. (abnormalreturns.com)
- In today's Market Moment learn more about the origin of legal gambling in Nevada and how the sports betting landscape, in particular, has changed. (shows.pippa.io)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: going back to work. (abnormalreturns.com)