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Quote of the Day
"So much of trading psychology is possessing the mindfulness to process the larger context before acting on and reacting to the most recent market and trading events."
(Brett Steenbarger)
Chart of the Day

Rising correlations have put a damper on the benefits of international diversification (from a US perspective).
Markets
- What four different valuation measures say about the stock market, at present. (blog.yardeni.com)
- The past decade has not seen a big jump in the market's P/E ratio. (mrzepczynski.blogspot.com)
Crypto
- The continued existence of Grayscale Bitcoin Trust ($GBTC) is the best argument for a Bitcoin ETF. (medium.com)
- Fidelity has been granted a trust licence to offer trading and custody of bitcoin by the New York State Department of Financial Services. (wsj.com)
- Galaxy Digital Capital Management has launched two funds that offer institutions and high-net-worth investors passive exposure to Bitcoin . (institutionalinvestor.com)
Finance
- The ultra-wealthy are on the hunt for new places to safely store their stuff. (finance.yahoo.com)
- Banks are not 'magic money trees.' (ftalphaville.ft.com)
Apple
- Apple Music is getting into the business of music for business, e.g. Muzak. (wsj.com)
- Why did it take Apple ($AAPL) so long to fix the Macbook Pro's keyboard? (onezero.medium.com)
- Apple ($AAPL) AirPods are becoming a platform. (aboveavalon.com)
- AirPod Pros are Apple's 'first dedicated AR product.' (macworld.com)
Companies
- Amazon ($AMZN) wants to keep rolling out cashierless retail technologies. (theverge.com)
- Netflix ($NFLX) is going all-in on Christmas content. (theringer.com)
- The shale boom is slowly going bust. (npr.org)
Funds
- Rusty Guinn, "In any realistic path-dependent analysis, performance-based fees are far too noisy to align you with your managers." (epsilontheory.com)
- Two Sigma, one of the world’s largest quantitative hedge fund managers, has raised $1.2 billion for its new private equity unit, Sightway Capital. (institutionalinvestor.com)
- There are more UK mutual funds managed by guys named David than all women combined. (bnnbloomberg.ca)
Earlier on Abnormal Returns
- Personal finance links: just part of the story. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: filtering noise. (abnormalreturns.com)