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Quote of the day
“If enough people begin to act fearfully, their anxiety can become self-fulfilling, and a recession, sometimes a big one, may follow.” – Robert J. Shiller
Chart of the day

Why the returns on Monday and Tuesday were unusual. (Alpha Architect)
Strategy
- Stock market performance means different things to different investors. (awealthofcommonsense.com)
- Why you don't need to sweat the whole 'index funds are a bubble' talk. (mrmoneymustache.com)
- Weird stuff happens in markets all the time. (blog.validea.com)
Companies
- AB InBev ($BUD) is re-launching the IPO of its Asia-Pacific beer unit. (msn.com)
- Wal-Mart ($WMT) is rolling out an unlimited grocery delivery service. (nypost.com)
- SmileDirectClub ($SDC) is now public. (cnbc.com)
- The new Apple ($AAPL) Watch 5 was the star of the show yesterday. (tomsguide.com)
Finance
- All the major US banks are in on the Saudi Aramco IPO. (wsj.com)
- Lenders have embraced alternative data in lending to less credit-worthy borrowers. (wsj.com)
- Blackstone ($BX) just raised a record private real estate fund. (wsj.com)
Fund management
- "It’s official: inexpensive index funds and ETFs have finally eclipsed old-fashioned stock pickers." (bloomberg.com)
- Why gender bias in asset management is so persistent. (behaviouralinvestment.com)
Global
- The ECB is kidding itself. (thereformedbroker.com)
- Naspers spin-off, Prosus, is now public and had a good first day. (nytimes.com)
Economy
- Still no sign of a sustained increase in weekly initial unemployment claims. (calculatedriskblog.com)
- The next recession will be largely self-inflicted. (foreignaffairs.com)
Motivation
- What is the right time frame for setting goals? (ft.com)
- How to get unstuck: do something unreasonable. (seths.blog)
- You can't move forward if you don't let go of the past. (safalniveshak.com)
Earlier on Abnormal Returns
- Startup links: tactics vs. execution. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: personal finance > investing. (abnormalreturns.com)
Mixed media
- T. Boone Pickens, "If you’re on the right side of the issue, just keep driving until you hear glass breaking. Don’t quit. (institutionalinvestor.com)
- T. Boone Pickens, "It has become cheaper to look for oil on the floor of the New York Stock Exchange than in the ground." (wsj.com)
- Joe Nocera, "Joe, he’d say, CEOs don’t own the company. The shareholders do. People used to ask me whether this was just something he said to justify his takeover plays. No, I would reply, he really means it." (finance.yahoo.com)
- T. Boone Pickens, "If you are a stockholder, the chances are that one way or another, most corporations are misappropriating your money. It is legal under the system; everyday this respectable crime is perpetrated in corporate corridors across the country." (nytimes.com)
- T. Boone Pickens, "I never liked being called a raider. I never destroyed anything." (fortune.com)