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Quote of the Day
"It’s one thing to recognize that paying steep prices for assets with moderate-to-nonexistent growth rates is unsound. It is quite another to predict doom. No alleged bubble, in my experience, has been so glaring and self-evident that it must inevitably lead to collapse."
(John Rekenthaler)
Chart of the Day

Defaults matter: how target-date funds have changed equity allocations among age cohorts.
Rates
- 10-year Treasury yields are down nearly 100bp since September. (wsj.com)
- How this yield curve inversion compares to historical versions. (fattailedandhappy.com)
Strategy
- Cognitive errors are easier to overcome than emotional biases. (morningstar.com)
- Unstable correlations require a subjective explanation. (demonetizedblog.com)
Research
- What are the chances that value investing doesn't work? (blog.validea.com)
- There is a big difference between factor returns and actual implementation. (institutionalinvestor.com)
Crypto
- The CryptoKitties fad has run its course. (wsj.com)
- Can crypto go mainstream if firms have to adhere to anti-money laundering rules? (ft.com)
Companies
Hedge funds
- Are hedge fund investors still interested in funding the next David Tepper? (financial-planning.com)
- On the myth of private fund returns. (humbledollar.com)
Global
- India has its first publicly traded REIT. (wsj.com)
- Pakistan plans to buy shares to prop up the stock market. (bloomberg.com)
Earlier on Abnormal Returns
- Personal finance links: knocking on doors. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: gauging expected returns. (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)
Mixed media
- Scott Galloway, "The thing is, the super-successful people I know are usually nicer, more generous, and generally better mannered." (fastcompany.com)
- Why you need to figure out a way to rejuvenate yourself physically and mentally. (blairbellecurve.com)
- Why that promotion or new job is not going to "punch your ticket to bliss." (nytimes.com)
- Why you should read outside your field every day. (wsj.com)