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Quote of the Day
"I have said for years that almost every debate in investing and between investors can be resolved by first having everyone stop and disclose their assumption for time horizon."
(Jason Voss)
Chart of the Day

The percentage of global markets that are experiencing a golden cross.
Markets
- How tactical asset allocation strategies performed in March. (allocatesmartly.com)
- The tech sector is leading the US market YTD. (capitalspectator.com)
- The problem with forcing managers to hold bonds. (sl-advisors.com)
Strategy
- Why your view on the global economy really shouldn't affect your portfolio that much. (moneyweek.com)
- Why do people still listen to consistently wrong pundits? (theirrelevantinvestor.com)
- Probabilistic-thinkers build portfolios differently. (marketfox.org)
Economic moats
- Thinking about how technology can affect company moats. (intrinsicinvesting.com)
- A wide moat doth not a good investment make. (blog.validea.com)
Companies
- Media companies trust Apple ($AAPL). Should they? (nytimes.com)
- Amazon's ($AMZN) product offerings are bifurcating. (ftalphaville.ft.com)
- Zillow ($Z) continues to push further into the home buying process (geekwire.com)
Finance
- Blackstone ($BX) just raised a $22 billion buyout fund. (bloomberg.com)
- Goldman Sachs ($GS) is open-sourcing some of their trading technology. (wsj.com)
- A pension reform bill now seems likely. (morningstar.com)
- Patagonia tells Wall Street to shove it. (buzzfeednews.com)
Funds
- Is Blackrock ($BLK) making a mistake wanting to become Blackstone ($BX)? (bloomberg.com)
- Last year was a rough one for quants like AQR. (bloomberg.com)
- Cannabis is the new Bitcoin, fund-wise. (ft.com)
- Nobody wants tactical asset allocation funds any more. (morningstar.com)
Global
- Talk of secular stagnation for much of the developed world is back on the table. (ft.com)
- Finland is facing a demographic time bomb. (ft.com)
Economy
- The March ADP employment report showed sluggish private sector jobs growth. (calculatedriskblog.com)
- The economy has enough momentum to get through this slow phase. (blogs.uoregon.edu)
- Big chunks of the US are going to experience demographic decline. (nytimes.com)
- 'Complexity economics' posits that disequilibrium is the norm. (economist.com)
Earlier on Abnormal Returns
- Personal finance links: good debt vs. bad debt. (abnormalreturns.com)
- ESG links: the importance of proxy voting. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: information flow. (abnormalreturns.com)
- The power of asking the right question. (abnormalreturns.com)