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Quote of the day
Larry Swedroe, “While alpha is nice, you only get to spend returns.” (TEBI)
Chart of the day
Given all the uncertainty, why isn’t volatility higher? (Disciplined Systematic Global Macro)
Markets
- The stock market is not the proper measure of a President. (alephblog.com)
- Don't look now but the yield curve is steepening. (themacrotourist.com)
Strategy
- Investors need to focus on the outside view, not inside view. (behaviouralinvestment.com)
- Nobody really knows what the correlation between stocks and bonds should be. (mrzepczynski.blogspot.com)
Companies
- Investors are marking down their stake in Juul. (wsj.com)
- What do you get when you combine Taboola and Outbrain? (techcrunch.com)
More on 'free commissions'
- What is a firm's value proposition going be in a world of zero commissions? (medium.com)
- The next target for competition (and reduced fees) is financial advisers. (washingtonpost.com)
Finance
- Vanguard is testing a new blockchain-based forex trading system. (finance.yahoo.com)
- TransferWise has launched TransferWise for Banks in the U.S. (tearsheet.co)
- How the LSE got left behind. (ft.com)
Funds
Eating out
- Some American restaurants that have achieve classic status. (gq.com)
- Texans are nervous about the future of Whataburger. (msn.com)
- More evidence that virtual restaurants are the future. (chicagobusiness.com)
Economy
- The September NFP report showed a 3.5% unemployment rate, the lowest in a half a century. (crossingwallstreet.com)
- Wage growth seems to have tailed off. (calculatedriskblog.com)
- A profitable Uber ($UBER), and the like, and the like implies higher consumer inflation. (finance-yahoo-com.cdn.ampproject.org)
Earlier on Abnormal Returns
- Podcast links: exploring subcultures. (abnormalreturns.com)
- What you missed in our Thursday links. (abnormalreturns.com)
- Startup links: the terrain vs. the map. (abnormalreturns.com)
- Change happens slowly, then all at once: the case of zero dollar stock commissions (abnormalreturns.com)
- Monthly ESG links: shareholder resolutions. (abnormalreturns.com)
Mixed media
- 12 must-read books for the would-be negotiator including "The Undoing Project" by Michael Lewis. (blog.blackswanltd.com)
- A rave review for George Packer’s new biography "Our Man: Richard Holbrooke and the End of the American Century." (casnocha.com)
- Cormac McCarthy on how to write better. (kottke.org)