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Quote of the day
“It’s always and never a stock-picker’s market. It really depends on which stocks you pick, as always.” – Ben Carlson
Chart of the day

The US economy hasn’t grown at an “above average” rate since 2005. (Marginal Revolution)
Crypto
- How the ICE/Bakkt Bitcoin futures are different. (streetwiseprofessor.com)
- Why physical delivery matters in this case. (pointsandfigures.com)
Big Tech
- How Amazon ($AMZN) boosted placement of its own brands on the site. (wsj.com)
- Can network-driven businesses be reined in by traditional anti-trust enforcement? (nytimes.com)
- Why aren't more people outraged by Big Tech? (nytimes.com)
- Why Big Tech will be able to combat charges of monopoly. (wsj.com)
Private equity
- Private equity secondary transactions are on the rise. (ft.com)
- Why IRR is such a misleading measure. (ft.com)
ETFs
- A profile of Detroit-based Exponential Funds and their approach to the ETF business. (crainsdetroit.com)
- How Pacer broke into the ETF business. (etf.com)
Funds
- What the passive/active barometer tell us about base rates. (morningstar.com)
- Why now is a good time for companies to try to close their pension gaps. (signalee.com)
Global
Economy
- Think how differently we in the US are reacting to the Saudi news now that we are (largely) energy independent. (sl-advisors.com)
- RV shipments continue to decline. (finance.yahoo.com)
Earlier on Abnormal Returns
- Adviser links: very shaky ground. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)