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Quote of the Day
"The obvious question is this: If Bitcoin was just a bubble to begin with, why has it been bouncing back this manner? The answer is that cryptocurrencies, in some form or another, are probably here to stay."
(Tyler Cowen)
Chart of the Day

Russia is one of top performing stock markets YTD. See also The Economist on Russia. (chart via @koyfin)
Markets
- Commodities are by far and away the worst performing asset class for the past five years. (capitalspectator.com)
- Bond investors have not been this optimistic about Treasury bonds in some three years. (sentimentrader.com)
- It's no wonder Bitcoin get traders' blood going. (theirrelevantinvestor.com)
Strategy
- Investing isn't rocket science. (financialchieftain.com)
- On the difference between a white leopard, grey rhino and black swan. (mrzepczynski.blogspot.com)
Apple
- Jony Ive is leaving Apple ($AAPL). (daringfireball.net)
- No matter how you slice it, Jony Ive had a big impact on Apple ($AAPL). (engadget.com)
- This change has been in the works for awhile. (stratechery.com)
- Design only gets you so far in a world dominated by software, not hardware. (bnnbloomberg.ca)
- What next for Apple ($AAPL)? (ft.com)
- Apple ($AAPL) has long since stopped being a one-man band. (theverge.com)
- Stop trying to imply you know what goes on inside a big company like Apple ($AAPL). (asymco.com)
The RealReal
- The RealReal ($REAL) IPO is a sign of changing US consumer behavior. (nytimes.com)
- The alternative data for The RealReal ($REAL) are going in the right direction. (media.thinknum.com)
Companies
- Why big pharma continues to snatch up biotechs. (finance.yahoo.com)
- Markets are punishing the stocks of mega-acquirers. (finance.yahoo.com)
Banks
- The big US banks passed their 'stress tests' with flying colors opening up room for higher dividends. (nytimes.com)
- Citi ($C) is not giving up on the bank branch. (fortune.com)
- Why JP Morgan's ($JPM) 'Finn' concept die? (thebasispoint.com)
Finance
- Why the number of listed companies is shrinking in the US. (ft.com)
- One share, one vote: the case against the LTSE. (ft.com)
Funds
- Did your fund manager lose hist/her touch or did the market fundamentally change? (morningstar.com)
- A closer look at the Vanguard Real Estate ETF ($VNQ) and its competitors. (morningstar.com)
Global
- German residential mortgage bonds have a negative yield. (ft.com)
- Putting into perspective just how fast Asia is growing relative the rest of the world. (fattailedandhappy.com)
- There is a bear market in luxury apartments around the globe. (ft.com)
Earlier on Abnormal Returns
- Podcast links: overcoming a scarcity mindset. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: investing in businesses. (abnormalreturns.com)
- Here's my recent talk with Robert Seawright about the importance (and challenges) of choosing investment benchmarks. (abnormalreturns.com)
- Why your luxury car is unlikely to materially boost your happiness. (abnormalreturns.com)
- Picking up plastic straws in front of an oncoming steam roller. (abnormalreturns.com)
Mixed media
- Good luck trying to define 'business casual' dress these days. (ft.com)
- The case for generalists at work. An except from "Range: Why Generalists Triumph in a Specialized World" by David Epstein. (forge.medium.com)
- How to be a 'glue person' at work. A Q&A with Neil Irwin author of "How to Win in a Winner-Take-All World: The Definitive Guide to Adapting and Succeeding in High-Performance Careers." (bigthink.com)
- How to reduce bias when hiring. (hbr.org)