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Quote of the day
“Most investors aren’t stupid or irrational. We are, instead, what I like to call “blazy”: busy and lazy. In a world where information is almost infinite, but time and attention are limited, none of us want to think any harder than we have to.” – Jason Zweig
Chart of the day

The manufacturing downturn is now quite visible. (Econbrowser)
Strategy
- John Rekenthaler, "Ultimately, the biggest stock-market decline in modern U.S. history meant pretty much nothing." (morningstar.com)
- Investment complexity is a risk unto itself. (alephblog.com)
- A lot more is unknown than known when it comes to investing. (calibratingcapital.com)
- Why diversified portfolios own some bonds. (pragcap.com)
Companies
- Virgin Galactic is going public via a backdoor IPO. (undervalued-shares.com)
- Good luck trying to pick the winners in the streaming video wars. (barrons.com)
- Netflix ($NFLX) bested Blockbuster, but it wasn't an inevitability. (theirrelevantinvestor.com)
Finance
- Tom Braithwaite, "Finance is full of companies uncomfortable in their own skins and trying to adopt more fluid identities." (ft.com)
- Direct listings change how companies, bankers and investors should approach the process. (aswathdamodaran.blogspot.com)
- Don't hold your breath waiting for better liquidity in small cap stocks. (alephblog.com)
Finance careers
- What does the future hold for CFA charter holders? (awealthofcommonsense.com)
- Why the financial industry is a great place for veterans to land. (blogs.cfainstitute.org)
- A big profile of Carl Icahn as he undergoes a couple of big transitions. (wsj.com)
AI
- Can AI be used to improve on traditional value investing techniques? (ft.com)
- This new AI-powered ETF's name is a mouthful. (etf.com)
Policy
- More American households with incomes in excess of $100,000 are increasingly renting their homes. (wsj.com)
- What happens to US tax rates if you included employer-based health insurance premiums? (ritholtz.com)
- Why the debate about “Broken Windows” policing continues. (finance.yahoo.com)
- Once you understand the 'O-ring problem' in economics you see it everywhere. (ft.com)
- Taxi medallion owners had a monopoly for a long time. Now they want a bailout. (ritholtz.com)
- It's a stretch to blame share buybacks for growing income inequality. (crossingwallstreet.com)
- We have gotten worse (underestimating) at guessing prices on "The Price Is Right" (papers.ssrn.com)
Economy
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: creative teamwork. (abnormalreturns.com)