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Quote of the Day
"On a regular basis, Google makes changes to their UI and algorithm that destroy companies or industries in order to keep more time and clicks from the person who was expecting to find themselves somewhere else after visiting Google."
(Seth Godin)
Chart of the Day

Individual investors are none too happy with stocks. (via @sentimentrader)
Markets
- Commodities are, by far and away, the worst performing asset class over the past five years. (capitalspectator.com)
- Homebuilder stocks are outperforming YTD. (wsj.com)
- There is some weird stuff going on in the residential mortgage price curve. (blairbellecurve.com)
- TIPS yields are close to dipping into negative territory. (blog.yardeni.com)
Companies
- A big problem with the WeWork IPO is that is a difficult company to understand. (nytimes.com)
- Is the Apple ($AAPL) Card juice, worth the squeeze? (economist.com)
Finance
- The SEC is urging proxy advisors to pony up more disclosure. (wsj.com)
- Where around the world are banks most profitable? (visualcapitalist.com)
Private equity
- According to research, Vista Equity Partners is the most aggressive private-equity deal sponsor. (barrons.com)
- Working for a PE-backed firm changes how a CEO manages going forward. (institutionalinvestor.com)
Asset management
-
"(T)he hedge fund industry ages you more than others.
Working at a hedge fund is stressful. You have billions of dollars at risk. Every day, something unexpected pops up." (news.efinancialcareers.com) - More people than ever want to work in asset management. (institutionalinvestor.com)
- Great (investing) teams understand: mutual understanding, respect and appreciation. (blogs.cfainstitute.org)
ETFs
- The ETF custody business is getting a bit more cutthroat. (wsj.com)
- ETF issuance has slowed in 2019. (etf.com)
Global
- Are US investors systematically underexposed to Chinese equities? (seafarerfunds.com)
- Despite super-low yield, countries are not rushing to issue century bonds. (wsj.com)
Economy
- We have yet to see a sustained increase in weekly initial unemployment claims. (calculatedriskblog.com)
- How Popeye's much-hyped sandwich is an indicator of good economic times. (msn.com)
Earlier on Abnormal Returns
- Startup links: lightning fast processes. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: spending preferences. (abnormalreturns.com)
- I recently spoke with Kevin (@ferventfinance) about hist post “It’s Okay to Like Your Paycheck” and the benefits of a regular paycheck in a world obsessed with outsized success. (abnormalreturns.com)
- ult effect: the case of Thesaurus.com. (abnormalreturns.com)
- Talking the investment blogosphere on the Money Life with Chuck Jaffe. (abnormalreturns.com)
- Shifting the economic growth curve down: the demographics edition. (abnormalreturns.com)