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Quote of the Day
"In short, the U.S. investment business needs a roll-up. That process has already begun."
(John Rekenthaler)
Chart of the Day

What stocks benefited most from the pro-Brexit UK general election.
2019 in review
- The biggest story for ETFs in 2019 was the move to zero commissions. (theetfeducator.com)
- An Epsilon Theory 2019 retrospective. (epsilontheory.com)
Mindset
- Fund managers know they need to be more creative, but how? (blogs.cfainstitute.org)
- Brett Steenbarger, "Goals become part of our psychology when they regularly guide our lives." (traderfeed.blogspot.com)
Books
- The best books of 2019 including "The Anarchy: The East India Company, Corporate Violence, and the Pillage of an Empire" by William Dalrymple. (wsj.com)
- The best books according to some finance types including "The Infinite Game" by Simon Sinek. (bloomberg.com)
- A nice review for "Non-Consensus Investing: Being Right When Everyone Else Is Wrong" by Rupal J. Bhansali. (blogs.cfainstitute.org)
Apple
- Apple's ($AAPL) new product introduction initially get downplayed. Then something like AirPods happen. (asymco.com)
- Apple ($AAPL) needs to reinvigorate its consumer laptop offerings. (macworld.com)
- The Apple ($AAPL) AirPod Pros come with a big downside. (nytimes.com)
Brokers
- Consolidation in the brokerage space was inevitable, Charles Schwab ($SCHW) simply moved first. (barrons.com)
- Now that commissions are effectively zero, fractional share trading is next. (wealthmanagement.com)
Institutional investing
- Yu Ben Meng the new CIO of Calpers is not wasting time making changes. (wsj.com)
- Some research on the decline in hedge fund alpha, post-GFC. (institutionalinvestor.com)
Global
Economy
Earlier on Abnormal Returns
- Podcast links: creating business culture. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: bringing it to market. (abnormalreturns.com)
- The best way to invest is the way that works for you and your unique situation. (abnormalreturns.com)
- Brands are not your friends. (abnormalreturns.com)
- Time arbitrage and the art of reading a book. (abnormalreturns.com)