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Quote of the Day
"More than 85 percent of Yale’s assets are invested in alternatives that can’t or shouldn’t be replaced by index funds. The active-versus-passive debate is irrelevant when so much of your investment activity occurs in a completely different investable universe."
(David Swensen)
Chart of the Day

Disney ($DIS) investors liked the Disney+ announcement. Netflix ($NFLX) holder not so much. (via @koyfin)
Strategy
- Why individuals can manage risk differently than funds. (priceactionlab.com)
- 6 investing Do's and 2 investing Don'ts. (morningstar.com)
- Why investors just can't resist investing in IPOs. (bloomberg.com)
Uber
- The Uber ($UBER) S-1 is here. (cnbc.com)
- How Uber ($UBER) and Lyft ($LYFT) compare in four charts. (nytimes.com)
- What does Uber ($UBER) have planned for autonomous vehicles? (ftalphaville.ft.com)
Finance
Fund management
- Vanguard to begin voting against corporate board members who they belive to be 'overextended.' (wsj.com)
- You likely don't need thematic ETFs in your portfolio. (forbes.com)
Economy
- When new home sales drop 20% a recession typically follows. (calculatedriskblog.com)
- Opposition to immigration is largely social, not economic, in nature. (papers.ssrn.com)
Earlier on Abnormal Returns
- Podcast links: mastering barbecue. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: measuring growth. (abnormalreturns.com)
- The art of (investment) decision making. (abnormalreturns.com)
- Software, marketplaces and institutionalizing the wine market. (abnormalreturns.com)