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Quote of the Day
"We want there to be a secret path to wealth, health, and happiness. The alternative — that no secret actually exists — is much more depressing than the idea that some guru can come to your rescue."
(Ben Carlson)
Chart of the Day

Buy Disney+ and the Avengers: Endgame opening, sell the news. (chart via @koyfin)
Markets
- What sectors are buying back stock this year. (axios.com)
- Triple-C debt needs a strong economy to perform. (bloomberg.com)
Strategy
- Five questions for Ben Hunt of Epsilon Theory. (blog.validea.com)
- Stop trying to convince people of your position. Ultimately the market is going to decide if you are right or wrong. (themacrotourist.com)
- The stock market continues to reinforce the idea that beta is all that matters. (demonetizedblog.com)
Crypto
- The problem with solely digital tokens. (marketwatch.com)
- E-Trade ($ETFC) is reportedly close to launching cryptocurrency trading. (bloomberg.com)
- The crypto-sector is still not particularly user-friendly. (pointsandfigures.com)
- Joe Weisenthal and Tracy Alloway talk with Alex Gordon-Brander about the future of cryptocurrency exchanges. (bloomberg.com)
IPOs
- Fewer than 20% of tech companies going public these days generate a profit. (wsj.com)
- Uber ($UBER) wants you to think of it like Amazon ($AMZN). (nytimes.com)
- Marriott International ($MAR) to compete with Airbnb in home rental market. (wsj.com)
Finance
- What Apple ($AAPL) is trying to accomplish with the new Apple Card. (wired.com)
- Softbank is beginning to see cash flowing back onto the balance sheet. (ft.com)
- Microsoft ($MSFT) has rebuilt its design processes. (theverge.com)
Funds
- Hedge funds increasingly have venture capital envy. (institutionalinvestor.com)
- Research Affiliates on how best to build a multi-factor portfolio strategy. (institutionalinvestor.com)
- How Fidelity plans to continue to build ETF market share. (etf.com)
Global
- Retail-led Chinese stock markets provide opportunities for professional investors. (wsj.com)
- Europe now has $10 trillion in negative yielding debt. (wsj.com)
Economy
- The Fed may have boxed markets into a 'dove trap.' (bloomberg.com)
- Why productivity is ticking higher. (wsj.com)
Earlier on Abnormal Returns
- Adviser links: finding bias. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)