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Quote of the Day
"Purchasing long-term investment assets requires trust. Doing so involves handing over a valuable possession--that is, money--with no guarantee that the sum will be returned in full (as expressed in real terms), except for certain inflation-protected securities. Investing is an act of faith."
(John Rekenthaler)
Chart of the Day

Lumber prices are down 30% year-over-year. (via @calculatedrisk)
Markets
- Dividends don't matter as much as they used to. (awealthofcommonsense.com)
- Seven day market winning streaks are pretty much random. (priceactionlab.com)
- Strong markets get overbought. (traderfeed.blogspot.com)
- A look at recent risk-parity strategy performance. (indexologyblog.com)
Crypto
Companies
- What is holding back Google's ($GOOGL) Cloud business? People. (wsj.com)
- Pinterest ($PINS) aims to be the anti-Facebook ($FB). (cnn.com)
- Why Apple ($AAPL) is confident it can sell you subscriptions. (recode.net)
- Bank of America ($BAC) is raising its minimum wage to $20/hour. (cnbc.com)
Finance
- Leanna Orr, "Old Parkland was built by f*-you money for people with f*-you money. And that buys the freedom to be fun." (institutionalinvestor.com)
- 57,000 derivative contracts trade per minute. (rcmalternatives.com)
ETFs
- The SEC relents and will allow non-transparent ETFs to come to market. (wsj.com)
- How to distinguish among US multi-factor ETFs. (etf.com)
- The fees on junk bond ETFs are coming down. (investmentnews.com)
- The ETF Deathwatch for March 2019. (investwithanedge.com)
Global
- An aging Chinese increasingly need asset management (ftalphaville.ft.com)
- Turkmenistan, Libya and Somalia are the most corrupt countries. (riskadvisory.com)
Economy
- The Small Business Optimism Index ticked higher in March. (calculatedriskblog.com)
- House-flipping is back in a big way, but with lower profits. (wsj.com)
Earlier on Abnormal Returns
- Research links: the OG quant. (abnormalreturns.com)
- In today's Market Moment episode I discuss AMR's purchase of TWA and the eventual turnaround in the airline industry. (shows.pippa.io)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: easy onboarding. (abnormalreturns.com)
- Software, marketplaces and institutionalizing the wine market. (abnormalreturns.com)