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Quote of the day
“It has never paid to bet against human ingenuity. Stocks are a way to own a piece of the profits, dividends, innovation, collective wisdom, growth and future cash flows of the corporate world.” – Ben Carlson
Chart of the day

It sure looks like mortgage rates are done going down. (Freddie Mac)
Strategy
- Why we (still) love to call everything a bubble. (bloomberg.com)
- The double-edge sword of value stock returns. (blog.validea.com)
- What rugby can teach us about investing. (evidenceinvestor.com)
Companies
- Tracy Britt Cool is leaving Berkshire Hathaway ($BRK.A) (wsj.com)
- AT&T ($T) wants to spin-off DirecTV. (wsj.com)
- A closer look at Slack's ($WORK) valuation. (news.crunchbase.com)
Finance
- London keeps lagging New York as the premier global financial center. (ft.com)
- EQT wants a Blackstone ($BX) like valuation in its IPO. (finance.yahoo.com)
- Banking is becoming less-tied to geography. (ftalphaville.ft.com)
- Why has Wall Street never had a female CEO? (fortune.com)
Funds
- Big American ETF companies are huge players in the European market. (institutionalinvestor.com)
- It's tough being a hedge fund marketer these days. (institutionalinvestor.com)
Television
- Why are CBS, NBC, ABC, and Fox functioning like it’s business as usual? (theringer.com)
- There is a good chance your television is tracking your viewing habits in some form or fashion. (washingtonpost.com)
- How is the Netflix ($NFLX) story going to end? (ig.ft.com)
Economy
- Weekly initial unemployment claims are still in a (low) range. (calculatedriskblog.com)
- Truckers are becoming less optimistic about the US economy. (businessinsider.com)
- CEOs are nervous, while consumers are fine with it all. (axios.com)
- A majority of US CFOs are expecting a 2020 recession. (cfosurvey.org)
The Fed
- Another Fed rate cut is by no means guaranteed. (finance.yahoo.com)
- Why the Fed lowered rates. (nytimes.com)
- The Fed is once again behind the curve. (alephblog.com)
Earlier on Abnormal Returns
- Startup links: getting your house in order. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: choosing risks. (abnormalreturns.com)