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Quote of the day
“Life is fragile and difficult and the world is complex and overwhelming, but you can still keep life pretty simple. I am grateful each day that simplicity rules.” – Howard Lindzon
Chart of the day

The bond market has changed a lot since the GFC. (Morningstar)
Markets
- Financial markets are made of events, not things. (tonyisola.com)
- Trend following and momentum are not the same thing. (mrzepczynski.blogspot.com)
Mortgages
Behavior
- How psychological distance can help make you a better, more patient investor. (morningstar.com)
- On the importance of knowing when enough is enough. (collaborativefund.com)
- Narratives are not a disease to be cured. (epsilontheory.com)
Strategy
- You can't blame index funds for high stock prices. (bnnbloomberg.ca)
- Brett Steenbarger, "If I were mining for gold or oil, I would not necessarily start digging where everyone else has been. I would try to conduct or commission my own geological studies and dig where others have not explored." (traderfeed.blogspot.com)
Fintech
- Four ways fintech and banks are fighting over your mobile phone. (thebasispoint.com)
- Goldman Sachs ($GS) and Citigroup ($C) are actively investing in fintech. (cnbc.com)
Companies
- Reed Hasting didn't start Netflix ($NFLX) because he was frustrated with a $40 late fee. (nytimes.com)
- Anti-trust concerns are a trailing indicator of a tech company's strength. (stratechery.com)
Softbank
- Softbank needs more than just a WeWork IPO to succeed. (bloomberg.com)
- Softbank's vision for the Vision Fund(s) is under attack. (ft.com)
ETFs
- The ETF industry has done a great job at "transforming alpha into explainable beta at rock-bottom prices" (theirrelevantinvestor.com)
- The lowest expense ratio need not make for the lowest cost of ownership for an ETF. (investmentnews.com)
Global
Economy
- Industrial production rose in August. (crossingwallstreet.com)
- National homebuilder confidence rose in September. (calculatedriskblog.com)
- Focus more on consumers, than businesses, to figure out where the economy is going. (thereformedbroker.com)
Earlier on Abnormal Returns
- Research links: leaving finance to the pros. (abnormalreturns.com)
- In today's Market Moment I talk about the stock market re-opening post-9/11. (shows.pippa.io)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: very shaky ground. (abnormalreturns.com)
iPhone 11
- Apple ($AAPL) now makes a 'real camera.' (calculatedriskblog.com)
- Cameras aside, the best feature of the new iPhone 11s is their battery life. (wsj.com)
- What does the iPhone Pro get you? (engadget.com)
Mixed media
- The Washington Post is building its own ad network for publishers. (axios.com)
- Endeavor — the parent company of WME, UFC, IMG, Endeavor Content, Professional Bull Riders and other assets, has filed to go public. (variety.com)
- YouTube has an illegal steroid problem. (cnbc.com)
- The Financial Times and McKinsey Business 2019 Book of the Year Award shortlist is out and includes: Gregory Zuckerman‘s "The Man Who Solved the Market." (ft.com)
- Finance Instagram is apparently a thing. (institutionalinvestor.com)