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Quote of the Day
"A model is just a model. It’s not an oracle. It helps us forecast the future, but it might at any point fail."
(Campbell Harvey)
Chart of the Day

Two of the saddest words in the English language: false breakout.
Markets
- The 'yellow light' that is the inverted yield curve. (crossingwallstreet.com)
- How the markets have become a public utility. (epsilontheory.com)
Strategy
- Let's be honest: it's never really a 'stock picker's market.' (awealthofcommonsense.com)
- Why rely only on price momentum, when you can include fundamental momentum as well? (blog.validea.com)
Companies
- A closer look at Zoom's ($ZM) impressive S-1. (tomtunguz.com)
- John Gruber, "If Apple’s going to spend billions on exclusive TV and movie content, why not spend money on exclusive games as well?" (daringfireball.net)
Finance
- US corporate debt is not that out of whack. (ft.com)
- The CBOE ($CBOE) is a proxy for market volatility. (wsj.com)
- Gen Z loves digital-first financial brands like Venmo. (thinkadvisor.com)
Funds
- Hedge fund launches are at an 18-year low. (institutionalinvestor.com)
- Do index fund investors need to be protected from themselves? (ritholtz.com)
- How insurance companies use ETFs. (etf.com)
Global
Economy
- The Chicago Fed National Activity Index for February shows sluggish growth. (calculatedriskblog.com)
- Visualizing the retail apocalypse via vacant space. (media.thinknum.com)
- We don't build enough houses. (collaborativefund.com)
- Gen X is pretty miserable. (nextavenue.org)
Earlier on Abnormal Returns
- Adviser links: fee compression. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
Mixed media
- Josh Brown, "Getting to a place where you can be thankful to be alive and well, and still focused enough on the ways in which things can get better, is a good thing." (thereformedbroker.com)
- Seth Godin, "Your smallest viable audience holds you to account. It forces a focus and gives you nowhere to hide." (seths.blog)
- Tyler Cowen, "Companies can never quite meet the standards of friendship. They’re not even close acquaintances. At best they are a bit like wolves in sheep’s clothing, but these wolves bring your food rather than eat you." (marginalrevolution.com)