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Quote of the day
“Predicting the next bear market is as difficult as predicting next year’s dominant flu strains. Bear markets are as dynamic as the flu virus – constantly mutating over time. This is why no two bear markets are exactly alike.” – Brendan Mullooly
Chart of the day

Since the GFC, the duration on the aggregate bond index has increased markedly. (FT Alphaville)
Markets
- Americans haven't had this much money in money market funds since 2009. (disciplinedinvesting.blogspot.com)
- It's hard to come up with average, let alone above average, asset class returns over the next five years. (mrzepczynski.blogspot.com)
Strategy
- Why hedge funds are struggling: increased competition. (theirrelevantinvestor.com)
- Everybody makes investment mistakes. It's all part of the game. (klementoninvesting.substack.com)
- What the NBA can teach us about factor investing. (investorsperspective.com)
Companies
- What it costs Emerson Electric ($EMR) manages it fleet of seven jets. (reuters.com)
- Juul's fall from grace has been stunning. (fastcompany.com)
- Banning buybacks would induce management to find other ways to get cash back to shareholders. (awealthofcommonsense.com)
Finance
- Citigroup ($C) is withdrawing from most of its current forex platforms. (ft.com)
- When algos go wild: what's behind a huge surge in Eurodollar futures quotes. (wsj.com)
- Why 401(k) accounts are tempting targets for hackers. (ft.com)
Alternatives
- New hedge funds on average outperform their older rivals. (institutionalinvestor.com)
- The Institutional Limited Partners Association wants to simplify and standarize private equity investment agreements. (institutionalinvestor.com)
Real estate
- American cities are slowing down the growth of self-storage facilities. (wsj.com)
- How iBuyers are changing the real estate landscape. (iris.xyz)
Media
- Why media companies are focusing on food and beverage content. (axios.com)
- American kids are watching ever more YouTube content. (apnews.com)
- Why all the new streaming services are relying on giveaways to quickly build scale. (hollywoodreporter.com)
- What's left of Condé Nast ? (nymag.com)
Economy
- Q3 GDP growth of 1.9% annualized pretty much came from consumers and nothing else. (econbrowser.com)
- Private sector employment increased by 125,000 jobs from September to October according to the October ADP National Employment Report. (calculatedriskblog.com)
- There is a big (and growing) gap between present and future consumer expectations. (axios.com)
Earlier on Abnormal Returns
- Personal finance links: what really matters. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: overfit models. (abnormalreturns.com)
- Big life transitions happen whether we want them to or not. (abnormalreturns.com)
Mixed media
- Base rates: a child is way more likely to get hit by a car on Halloween than be poisoned. (theincidentaleconomist.com)
- Why Halloween is an important holiday: it reminds us about the reality of death. (eightfatswine.com)
- According to Kurt Vonnegut, Halloween is the end of Autumn, one of the six 'real' seasons. (kottke.org)