Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at the perils of ‘rebalancing luck.’

Quote of the Day

"Today’s factor investing uses the same names and concepts as the original quants used for their ‘alpha factors’ like value, momentum and quality, but the game’s objective has flipped on its head."

(Mikhail Samonov)

Chart of the Day

There are now more $100 bills in circulation than $1 bills.