Ritholtz Wealth Management has teamed with Betterment to make Liftoff the easiest way to begin investing. There is no minimum and transferring in existing accounts is a snap. Click here to hear the thinking behind this move.
Quote of the Day
"My point is that losses are opportunities to win. You just have to see them as such and find the win in the loss."
(Fred Wilson)
Chart of the Day

Berkshire Hathaway ($BRK.B) stock has not participated in the 2019 stock market rally. (chart via @koyfin)
Markets
- No matter how you slice it the performance of US megacaps has been unique. (institutionalinvestor.com)
- Why tax cuts baked in an earnings slowdown. (thereformedbroker.com)
- TIPS-implied inflation forecasts have stabilized. (capitalspectator.com)
Strategy
- Drew Dickson, "The trick is to decompose our portfolio excess returns into three drivers; stock selection, position sizing, and then dynamic allocation of capital (or trading)." (albertbridgecapital.com)
- Some fund manager cliches you can safely ignore. (behaviouralinvestment.com)
Companies
- Why fast food company stocks are on such a tear: technology. (axios.com)
- Fast food chains are now testing 'fake eggs' for their breakfast menus. (marketwatch.com)
- Why Beyond Meat ($BYND) shareholders have little to be angry about. (ftalphaville.ft.com)
Finance
Funds
- The NYSE Pickens Oil Response ETF ($BOON) is changing its name and investment focus. (msn.com)
- The term 'multi-alternative hedge funds' means different things to different people. (mrzepczynski.blogspot.com)
Global
Housing
- 3.75% mortgage rates are driving a spike in home refinancings. (wsj.com)
- America's housing affordability issues have moved inland. (bnnbloomberg.ca)
- The Case-Shiller: National House Price Index increased 3.4% year-over-year in May. (calculatedriskblog.com)
- What should you make of the Amazon ($AMZN)-Realogy ($RLGY) home deal. (thebasispoint.com)
Work
- Seth Godin, "Bureaucracies over-index for obedience." (seths.blog)
- Drones may be taking jobs but they are taking jobs that are inherently dangerous. (bloomberg.com)
- How to do a better job onboarding new hires. (m.signalvnoise.com)
Earlier on Abnormal Returns
- Research links: the original quants. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: obsessing over tomorrow. (abnormalreturns.com)