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Quote of the Day
"It took me a while to realize that the solution to complexity isn’t managing it better – it’s avoiding it altogether."
(Adam Collins)
Chart of the Day

Weekly initial unemployment claims have stopped going down.
Markets
- 20, tongue-in-cheek, signs that the stock market is ready to top. (theirrelevantinvestor.com)
- The Dow by decade, shows big decades followed by fallow decades. Uh, oh... (crossingwallstreet.com)
- The stock market is on quite an all-time high run. (jlfmi.tumblr.com)
Strategy
- With all the talk about Jim Simons of late, who makes your list of the greatest investors of all-time? (youtu.be)
- Some takeaways from Gregory Zuckerman's "The Man Who Solved the Market." (valueandopportunity.com)
Business
- There is a big difference between 'pub companies' and 'tourist companies.' (acquirersmultiple.com)
- What can we learn from Kylie Jenner's unique success? (ftalphaville.ft.com)
Amazon
- Amazon ($AMZN) is trying a lot different experiments in the grocery space. (bnnbloomberg.ca)
- Amazon has become a hotbed for CEO talent. (wsj.com)
Charles Schwab
- Charles Schwab ($SCHW) is not sitting back. It is pushing. (finance.yahoo.com)
- Matt Levine, "If I were on Ameritrade’s board of directors I would, of course, fulfill my fiduciary duties to shareholders by carefully evaluating the financial and other merits of any merger proposal, but I’d also be kind of annoyed to get one from Schwab." (bloomberg.com)
Finance
- The CME ($CME) has its hands full with the transition of Eurodollar futures. (wsj.com)
- Banks really, really, really don't want to have to borrow from the discount window. (wsj.com)
- The number of minority-owned banks in the US is falling. (axios.com)
Funds
- A profile of Murano a controversial call center focused on fund allocators. (institutionalinvestor.com)
- Where family offices are putting their money. (ritholtz.com)
Global
Earlier on Abnormal Returns
- Startup links: board conflicts. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: just part of the story. (abnormalreturns.com)