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Quote of the Day
"Don’t get caught up with daily comparisons of your portfolio with the S&P 500. If you are beating the market, you probably have a dangerous asset allocation."
(Jeff Miller)
Markets
- Despite a strong stock market, money continues to flow into bond and money market funds. (wsj.com)
- Nobody predicted 2019's market outcomes. (evidenceinvestor.com)
- The US market isn't the only one hitting new highs. (jlfmi.tumblr.com)
Strategy
- Do investors know what they are getting in 'buffered annuities'? (wsj.com)
- Why it's hard to get quants and fundamental analysts on the same page. (twocenturies.com)
Crypto
Finance
- The iBuyer crowd is now focused on the LA area. (wsj.com)
- Why isn't Warren Buffett buying back more Berkshire Hathaway ($BRK.A) stock? (barrons.com)
- A visualization of how Charles Schwab ($SCHW) and TD Ameritrade ($AMTD) came to be. (visualcapitalist.com)
Funds
Books
- Tim Harford's favorite books of 2019 including "The Last Day" by Andrew Hunter Murray. (timharford.com)
- The best business books of 2019 including "Loonshots: How to Nurture the Crazy Ideas that Win Wars, Cure Diseases, and Transform Industries" by Safi Bahcall. (ft.com)
- The best books of 2019 including “Maybe You Should Talk to Someone” by Lori Gottlieb. (variety.com)
Global
Policy
- Peter Orszag, "A productivity-based explanation for rising industry concentration would suggest dramatically different policies than the antitrust one does." (finance.yahoo.com)
- Doctrinaire debates about capitalism and socialism are pointless. (pragcap.com)
- Finland shows the socialism-capitalism debate is pretty pointless. (nytimes.com)
- Why are Americans' moving less often? (fastcompany.com)
- Want to help poor families? Give them cold, hard cash. (npr.org)
- America's biggest cities are its most unequal. (nytimes.com)
Economy
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
- Do any economists demonstrate forecasting skill? Nope. (papers.ssrn.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: narrative and meme. (abnormalreturns.com)
