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Quote of the day
“Pay yourself first and invest in yourself.” – Robert Seawright
Chart of the day

Wealth destruction for dummies. (Safal Niveshak)
Markets
- How do you pull the noise from the signal when everything seems like noise? (awealthofcommonsense.com)
- There is always economic uncertainty. It shouldn't prevent you from investing. (blairbellecurve.com)
Money management
- How much of the interest in indexing is just a desire to capture S&P 500 returns? (epsilontheory.com)
- Does it ever make sense to index hedge fund portfolios? (morningstar.com)
- Disruption is coming for you friendly money manager. (ft.com)
Companies
- Stripe is now (likely) the highest valued startup at $35 billion. (wsj.com)
- Airbnb plans to go public in 2020. (nytimes.com)
- Altria's ($MO) big bet on Juul is not going as expected. (axios.com)
Finance
- How T. Boone Pickens' changed corporate finance in America. (economist.com)
- Why the big banks still have a leg up on their more nimble competition. (finance.yahoo.com)
- Goldman Sachs ($GS) is on a bit of a VC spending spree. (news.crunchbase.com)
- Masayoshi Son has leveraged his stake in Softbank. (fortune.com)
Repos
- Three thoughts on the repo market. (pragcap.com)
- The Fed can handle the repo market. (finance.yahoo.com)
- This week shows with Sofr may not be a good substitute for Libor. (ft.com)
Fish
- Americans want to eat more fish: hence the fight over farmed fish. (npr.org)
- Eco-friendly Ōra King salmon is the new hotness on restaurant menus. (bnnbloomberg.ca)
- Why the wild Chinook salmon are disappearing from the the Columbia River. (nytimes.com)
- The omega 3 content in fish is declining. (scientificamerican.com)
Earlier on Abnormal Returns
- Podcast links: advanced analytics. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: getting your house in order. (abnormalreturns.com)