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Quote of the Day
"This is what crowds do to opportunities. No matter how good you are, if what you’re doing is very profitable, others will copy you and will be “good enough” to impinge on your game."
(Josh Brown)
Chart of the Day

London has lost its spot as the world’s preeminent financial capital.
Markets
- Global market momentum has peaked. (capitalspectator.com)
- Some signs that individual investors are trading stocks again. (wsj.com)
- Hedge funds love short-dated Treasuries. (ft.com)
- Corporate credit is waning around the world. (mrzepczynski.blogspot.com)
Strategy
- Drew Dickson, "Your decision to allocate to one name is related to the opportunity cost of investing in something else." (albertbridgecapital.com)
- Six ways to measure skill that have nothing to do with outcomes. (behaviouralinvestment.com)
Big Tech
- Google ($GOOGL) has more temp workers than full-time employees. (nytimes.com)
- Amazon ($AMZN) is culling its list of suppliers. (bloomberg.com)
- The Apple ($AAPL) iPod Touch is not dead yet! (newatlas.com)
Finance
- Alibaba ($BABA) is considering a listing in Hong Kong. (wsj.com)
- How at-risk is Wall Street's biggest money maker, cash management? (bloomberg.com)
- More residential mortgages are ending up in the portfolio of mortgage REITs. (wsj.com)
Fund management
- How better defined fund categories reduce realized alpha. (mrzepczynski.blogspot.com)
- A look at why annuity sales are surging. (morningstar.com)
- Larry Fink, CEO of Blackrock ($BLK), doesn't really have an obvious successor. (institutionalinvestor.com)
Economy
Earlier on Abnormal Returns
- Research links: gauging expected returns. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: flipping the switch. (abnormalreturns.com)
- Financial literacy vs. a fiduciary standard: which matters more? (abnormalreturns.com)
- How a genuine apology can keep a customer from jumping ship. (abnormalreturns.com)