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Quote of the Day
"Across all financial services, the trend is towards fee compression . . . Every aspect of the business, customers expect you to do more in terms of service and offerings, and they expect to pay less for it."
(Abigail Johnson)
Chart of the Day

The number of S&P 500 companies with split CEO and Chairman roles is growing over time.
Strategy
- Why poker is "a better proxy for investing than chess, bridge or backgammon." (wsj.com)
- Why passionate investors can get better with age. (blogs.cfainstitute.org)
Crypto
Companies
Finance
- Switching to C-corp status has been a net win for the big private equity firms. (ft.com)
- 403(b) plan sales practices are finally coming under greater scrutiny. (tonyisola.com)
- Why JP Morgan ($JPM) is shedding loans for bonds. (ft.com)
Funds
- Commissions may have been eliminated, but trading ETFs is not 'free.' (wsj.com)
- Blackrock ($BLK) and the NYSE are teaming up to build the 'ETF Hub' to streamline workflows. (tablestakes.com)
- Mutual fund companies are having a hard time putting a value on their stakes in late-stage startups. (bnnbloomberg.ca)
Global
Real estate
- Ben Carlson, "Lower interest rates mean lower mortgage rates and that’s a good thing for both new and existing homeowners alike." (awealthofcommonsense.com)
- Americans are staying in their home much longer than they did before. (wsj.com)
- An increasing number of American houses are at-risk to climate change and nobody seems to be paying attention. (marketwatch.com)
- Americans are not using their HELOCs they way they used to. (latimes.com)
- The Manhattan real estate slump is spreading to Brooklyn. (ft.com)
- Why Airbnb lists novelty lodging opportunities like the Wienermobile. (nytimes.com)
Economy
- The TCJA did not boost net private investment. (econbrowser.com)
- What the 'Sahm Signal,' an unemployment-based indicator says about the risk of a recession. (wsj.com)
Earlier on Abnormal Returns
- Adviser links: direct indexing buzz. (abnormalreturns.com)
- Moving forward in your own skin. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)