Did you know you can stay up-to-date with all of our posts via our daily e-mail newsletter? Sign up today!
Quote of the day
“There will always be active managers who can beat their benchmarks. But telling in advance which stock-pickers will deliver sufficient outperformance to justify their fees versus a cheap index tracker seems like unattainable knowledge.” – Mark Gilbert
Chart of the day

Bearish market-timers are have pretty strong feelings currently. (@sentimentrader)
Markets
- SaaS stocks are having a rough go of it, of late. (news.crunchbase.com)
- The market is littered with those who called for a comeback in inflation. (mrzepczynski.blogspot.com)
Asset allocation
- A eulogy for the 60/40 portfolio. (awealthofcommonsense.com)
- Why 'traditional asset allocations' don't work for a lot of investors. (investwithanedge.com)
- Vanguard investors are pretty well-behaved. (theirrelevantinvestor.com)
Streaming
- 'Stranger Things' helped to stabilize things at Netflix ($NFLX). (nytimes.com)
- AMC Theaters is launching its own on-demand video service. (engadget.com)
Business
- FanDuel and DraftKings dominate sports betting in New Jersey. (ft.com)
- A 26-story Dallas apartment building will soon be used exclusively for short-term rentals. (wsj.com)
- Scotch makers are rushing to get their bottles to the US to avoid tariffs. (ft.com)
Alternatives
- The IMF is concerned about the rise in private/alternative assets. (ftalphaville.ft.com)
- Investors can now buy minority stakes in multiple MLB teams. (bnnbloomberg.ca)
Fund management
- Boutique ETF issuers have finally caught a couple of breaks. (alphaarchitect.com)
- iShares is unfazed by the widespread introduction of zero-commission trading. (marketwatch.com)
- 'Defined outcome' ETFs have a big educational hurdle to overcome. (bloomberg.com)
Global
Economy
- Weekly initial unemployment claims are still hanging around historically low levels. (calculatedriskblog.com)
- The consumer is slowing. (washingtonpost.com)
Earlier on Abnormal Returns
- Startup links: an infinite mindset. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: appropriate context. (abnormalreturns.com)
- We recently celebrated the fourteenth of anniversary of this blog. (abnormalreturns.com)