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Quote of the Day
"Do yourself a favor, the next time somebody asks your opinion about a particular stock, tell them you don’t really have one."
(Michael Batnick)
Chart of the Day

Muni bonds are off to their best start in five years. (chart via @koyfin)
Markets
- The US stock market is off to its best start since 1999. (wsj.com)
- How major asset classes performed in April 2019 (capitalspectator.com)
- Hedge funds are betting big against volatility. (ft.com)
Strategy
- On the parallels between gardening and investing. (330ramp.com)
- Douglas Boneparth, "Investing is now a commodity. If you think differently, you’re in denial." (bonefidewealth.com)
- Do emerging market equities and high yield bonds deserve special asset allocation status? (morningstar.com)
Apple
- Wearables are now almost 10% of Apple ($AAPL) revenues. (macworld.com)
- Apple ($AAPL) is not done buying back shares. (nytimes.com)
- A review of Apple's Q2 in charts. (sixcolors.com)
Companies
- Instagram is going full-on shopping site. (theatlantic.com)
- Discovery Communications' ($DISCA) CEO was the highest paid CEO in 2018. (variety.com)
Finance
Hedge funds
- This institutional investor won't touch hedge funds due to their high cost. (bloomberg.com)
- Why hedge fund activism has largely been a bust. (clsbluesky.law.columbia.edu)
Juul
- How Juul shares may have snuck into your mutual fund portfolio. (bloomberg.com)
- Kids call it 'Juuling' which may mess up our statistics on vaping in general. (bloomberg.com)
- Juul is hiring like crazy. (media.thinknum.com)
Economy
- The ISM Manufacturing Index for April fell to 52.8. (calculatedriskblog.com)
- The ADP Employment report came in hot for April. (calculatedriskblog.com)
- Productivity seems to be breaking out. (aei.org)
- Government economists are turning to big data to better measure inflation. (wsj.com)
- Why Presidents love it when the Fed eases. (thereformedbroker.com)
Earlier on Abnormal Returns
- Personal finance links: conventional personal finance. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: good statistical design. (abnormalreturns.com)