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Quote of the Day
"A huge part of success is finding the game that is right for you, given your native abilities, your interests, and your skills."
(Brett Steenbarger)
Chart of the Day

Listening to so-called ‘Armageddonists’ would have cost investors big time over the past decade.
Markets
- How much you would have lost if you shifted out of stocks and into bond when various naysers said to. (ftalphaville.ft.com)
- Checking some stats on the current bull market. (thereformedbroker.com)
Strategy
- Daniel Sotiroff, "Markets don't need to be accurate all the time to justify investing in broad-market index funds. While markets can make mistakes, actively managed alternatives typically don't fare much better." (morningstar.com)
- Douglas Boneparth, "I don’t see anything wrong with managing an opportunity portfolio, or 5-10% of your investable assets designated to picking individual securities." (bonefidewealth.com)
- Craig Lazarra, "These three precepts — defaulting to passive, approaching portfolios as attributes, and viewing performance as a byproduct — go a long way to defining an index investor’s view of the world." (evidenceinvestor.com)
Crypto
Companies
- Google ($GOOGL) wants in on consumer banking. (wsj.com)
- What is Uber ($UBER) worth on a sum-of-the-parts basis? (valueandopportunity.com)
Finance
- The SEC may make it easier to place newly issued muni bonds without the help of a broker-dealer. (wsj.com)
- Nasdaq ($NDAQ) is getting out of the energy-futures business. (wsj.com)
Buybacks
- The rise of the managerial class and their dependence on stock buybacks. (theirrelevantinvestor.com)
- Three proposals that would help rein in the managerial class, including separating by law the position of CEO and chairman of the board. (epsilontheory.com)
- Maybe we should ban companies from borrowing money to buyback stock. (ftalphaville.ft.com)
Hedge funds
- The rise (and fall) of the Blue Mountain hedge fund is a classic tale. (ft.com)
- Institutional investors continue to swap hedge fund exposure for private equity. (institutionalinvestor.com)
New Macbook Pros
- Marco Arment, "The new MacBook Pro has no massive asterisks or qualifications. It’s a great computer, period, and it feels so good to be able to say that again." (marco.org)
- John Gruber, "This is a MacBook you can once again argue is the best laptop hardware money can buy." (daringfireball.net)
- Dieter Bohn, "Because Apple has almost surely delivered the thing people have been asking for: a MacBook Pro with a good keyboard and (hopefully) sufficient thermals." (theverge.com)
India
- India has a higher percentage of its population in the unofficial economy that other major nations. (wsj.com)
- "Anarchy: The Relentless Rise of the East India Company" by William Dalrymple is "a hell of a story." (marginalrevolution.com)
Economy
Earlier on Abnormal Returns
- Personal finance links: money choices. (abnormalreturns.com)
- The job of a financial advisor is to help you navigate life's big, non-reversible decisions. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: measuring drawdown risk. (abnormalreturns.com)
- Our world is always changing, but most of the time we don’t notice. (abnormalreturns.com)