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Quote of the day
“Today every company wants to reinvent itself as a tech firm, but they should be careful what they wish for.” – Andy Kessler
Chart of the day

The amount of negative-yielding debt is ebbing. (FT)
Markets
- If the global economy is so bad, why aren't stocks lower? (thereformedbroker.com)
- The lifespan of S&P 500 companies are shrinking. (axios.com)
Strategy
- If the biggest bank in the country can't forecast interest rates, even a little bit, why do you think you can? (awealthofcommonsense.com)
- Good luck trying to time the market. (humbledollar.com)
- A lot of people say they want to trade, but few do the work to become better. (traderfeed.blogspot.com)
Finance
- Why the direct listing trend is likely to strengthen. (tomtunguz.com)
- American Express ($AXP) is targeting startups with new card benefits. (businessinsider.com)
- Speculating why Ken Griffin is shopping around a piece of Citadel. (chicagobusiness.com)
Funds
- People buy high cost, actively managed funds thinking there is a correlation between cost and performance. (evidenceinvestor.com)
- Open-end mutual funds can't escape the issue of capital gains distributions. (wsj.com)
- Hedge fund and mutual fund holdings overlap, a lot. (ft.com)
Global
- Guess who owns a lot of negative-yielding debt? Central bank. (integratinginvestor.com)
- Claire Jones, "Madrid isn’t the only city where people have seen a big disconnect between surging property prices and wage growth." (ftalphaville.ft.com)
Economy
Earlier on Abnormal Returns
- Adviser links: 90% of married women. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
Mixed media
- Is money spent on Instagram influencers doing what it is supposed to for brands? (wsj.com)
- Late-night television is now dominated by new guest, not B-list celebs. (nytimes.com)
- Once you automate your life with subscription boxes, it can be hard to get out. (msn.com)
- Americans love glamping. (curbed.com)