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Quote of the day
“In short, EBITDA is pretty much just a made up number at this point, whatever management wants it to be.” – Christopher Schelling
Chart of the day
Why has film and TV production held up so much better than other legacy media industries? (Justin Fox)
Markets
- Fact check: oil prices are volatile. (calculatedriskblog.com)
- There are three major arguments for investing in agriculture. (nytimes.com)
Value investing
- What do value investors discuss when they get together? (bnnbloomberg.ca)
- Do value stocks outperform during market drawdowns? (wisdomtree.com)
Companies
- News flash: Sears still struggling, post-bankruptcy. (wsj.com)
- Softbank could end up with control of WeWork. (wsj.com)
- J&J ($JNJ) is beset with lawsuits. (wsj.com)
Consumer habits
- Mike Dariano, "Whatever it’s called, the only thing that matters is perceived value. How valuable a customer perceives the good or service determines how much pricing power business has." (thewaiterspad.com)
- Sometimes consumer habits make zero sense. (awealthofcommonsense.com)
Cannabis
- Canada's marijuana experiment has not turned out as expected due to the continued existence of cheap illegal weed. (bnnbloomberg.ca)
- The contradiction between state and federal laws on marijuana are intensifying. (politico.com)
Books
- A Q&A with Bill Bryson about his new book "The Body: A Guide for Occupants." (npr.org)
- Why Ben Horowitz wrote a new book "What You Do Is Who You Are." (a16z.com)
- How do you read a book on Instagram? (fastcompany.com)
Economy
- Heavy truck sales are down 5% year-over-year. (calculatedriskblog.com)
- The Nobel Prize goes to Abhijit Banerjee, Esther Duflo and Michael Kremer for field experiments in development economics. (marginalrevolution.com)
Earlier on Abnormal Returns
- Adviser links: re-visiting custodial relationships. (abnormalreturns.com)
- We recently celebrated the fourteenth of anniversary of this blog. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
