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Quote of the day
“It’s almost a badge of honor for investors to claim they’re emotionless about their investments. But if lacking emotions about your strategy or holdings increases the odds you’ll walk away from them when they become difficult, what looks like rational thinking becomes a liability.” – Morgan Housel
Chart of the day

The S&P 500 Value Index hit an all-time high yesterday. (Bloomberg)
Markets
- What are we to make of the yield curve un-inverting? (wisdomtree.com)
- There is marked difference between consumer and business sentiment. (fortune.com)
Behavior
- "Every time you look at your investments you run the risk that you see a gain that will push you to take profits and sell the investment." (klementoninvesting.substack.com)
- The scaling fallacy is a "tendency to assume that a system that works at one scale will also work at a smaller or larger scale." (safalniveshak.com)
- Google ($GOOGL) is increasingly asking customers to pay for storage. (bnnbloomberg.ca)
- Google ($GOOGL) says they got a quantum computer up and running. (nytimes.com)
AI
- McDonald's ($MCD) is using machine learning to predict what you will order. (nytimes.com)
- Can AI using facial movements really identify who is more employable? (washingtonpost.com)
- Algorithms can uniquely identify us by the way we move. (nytimes.com)
Trading
- Odd-lot trades now make some 50% of NYSE volume. (wsj.com)
- Successful markets have three natural constituencies. (pointsandfigures.com)
- Securities lending helped boost online broker profits last quarter. (wsj.com)
Fund management
- Don't let a much higher than average yield fool you: you can't squeeze blood from a rock. (moneymaven.io)
- Want to attract assets? Cut fees. (institutionalinvestor.com)
Global
Economy
- The US now exports oil to more countries than it imports from. (axios.com)
- There seem to be some signs of stability in the US manufacturing sector. (capitalspectator.com)
Earlier on Abnormal Returns
- Personal finance links: the dynamic nature of life. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: artifacts of data-mining bias. (abnormalreturns.com)