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Quote of the day
“At minimum, negative rates mean there’s increased uncertainty, and thus we have to proceed with more trepidation. Whatever we knew in the past about how things worked, I think we know less when rates are negative.” – Howard Marks
Chart of the day

Glamour stocks have had quite a run of late. (Nir Kaissar)
Bonds
- The yields on CCC-rated bonds have been increasing all year. (wsj.com)
- A list of some smaller muni issuers that are at greater risk of climate change. (barrons.com)
Strategy
- Markets sometimes crash. Good luck figuring it out ahead of time. (rpseawright.wordpress.com)
- First day IPO gains don't tell you much about future returns. (awealthofcommonsense.com)
Behavior
- Why reading stuff you disagree with is so important. (theirrelevantinvestor.com)
- A great example of why the endowment effect is so strong. (therealwealthfarmer.com)
- Looking at the market as something to be beaten induces all sorts of bad behavior. (financialchieftain.com)
- David Steets, "Inattention can be an edge." (systematicindividualinvestor.com)
Finance
- Investors have been reluctant to lock up money in Opportunity Zone funds for the long run. (wsj.com)
- Private equity manager relative performance has been converging of late. (institutionalinvestor.com)
Funds
- Fidelity has the scale to be able to make big technology investments to stay competitive. (ft.com)
- The story behind the founding of alternative index provider XOUT Capital. (wsj.com)
Global
- "If people need less cash to pay for stuff, why do they want to hold so much of it?" (finance.yahoo.com)
- A infographic of the world's 20 most profitable companies. (visualcapitalist.com)
Career
- Thomas Pueyo, "It’s easier and more effective to be in the top 10% in several different skills — your “stack” — than it is to be in the top 1% in any one skill." (forge.medium.com)
- Brooke Masters, "Commuting takes its toll in multiple ways: culturally, reputationally and physically. " (ft.com)
- There is a big gender gap in self-promotion. (papers.ssrn.com)
- Don't let your future come down to chance. (getrichslowly.org)
Earlier on Abnormal Returns
- Research links: artifacts of data-mining bias. (abnormalreturns.com)
- In today's Market Moment we discuss the Panic of 1907 and why it's not surprising October got such a crummy reputation in the stock market. (shows.pippa.io)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: 90% of married women. (abnormalreturns.com)
Mixed media
- The role of writer and influencer are slowly merging. (theguardian.com)
- What's left of Money Magazine has been sold (again). (variety.com)
- Business publishers are pivoting to events to bring in some coin. (digiday.com)
- Local journalists are turning to e-mail newsletters to get their stuff out there. (niemanlab.org)
- How The Athletic has amassed 600,000 subscribers to-date. (vox.com)