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Quote of the day
“Writing about finance, one thing I’ve noticed is that few things get people so angry quite like good economic news.” – Eddy Elfenbein
Chart of the day

Do content companies have a debt problem? (THR)
Markets
- Holdings in money market funds have grown throughout 2019. (marketwatch.com)
- Natural gas producers have gotten crushed YTD. (wsj.com)
Robinhood
- Why Robinhood 'started from scratch' when building its new cash management feature. (wsj.com)
- What industry-wide $0 commissions mean for Robinhood. (financial-planning.com)
Endowment funds
- "2018 was the first that a 60-40 portfolio outpaced all Ivy endowments in terms of 10-year performance." (ritholtz.com)
- University endowments are making the same mistake with private equity that they did with hedge funds. (finance.yahoo.com)
The wealthy
- Why do rich people still give money to the big Ivy League endowments? (awealthofcommonsense.com)
- Why do billionaires keep building and buying superyachts? (nytimes.com)
Fund management
- What is going to happen to the deals ETF firms have signed with online brokers? (wsj.com)
- Ray Dalio's high profile provides Bridgewater Associates with a boost. (institutionalinvestor.com)
- Actively managed funds are no refuge in a bear market. (evidenceinvestor.com)
Weed
- The Colorado market is going to be much more open to cannabis investment. (axios.com)
- Why issuers are rushing to get marijuana ETFs to market. (ft.com)
Global
Earlier on Abnormal Returns
- Personal finance links: your definition of success. (abnormalreturns.com)
- Fifty years from now, will mental illness still have a stigma attached? (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: founder power. (abnormalreturns.com)
- It's funny how things work out, sometimes. (abnormalreturns.com)
- Minor miracles do happen: why you shouldn't take for granted the continued success of Financial Twitter. (abnormalreturns.com)