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Quote of the Day
"It is the time of year for predictions and I’ll make one: You will be better off ignoring the Wall Street stock-market predictions for 2020."
(Jeff Sommer)
Chart of the Day

The value of American households’ holdings in corporate equities and mutual funds has surged 25% over the past year to a new high.” (via @sentimentrader)
Markets
- Oil service stocks haven't been this cheap in awhile. (marketwatch.com)
- Some off-the-beaten path stuff that rose in price in 2019 including balsa wood. (ft.com)
Strategy
- Context matters a lot when it comes to trading. (traderfeed.blogspot.com)
- Lowering fees was easy compared to taming bad investor behavior. (finance.yahoo.com)
- Here is Eddy Elfenbein's 2020 Buy List. (crossingwallstreet.com)
Finance
Life
- Seth Godin, "Peace might not mean getting everyone else to do what you want them to do." (seths.blog)
- 11 things you can do right now to improve your life. (humbledollar.com)
- Life is all about opportunity costs. (pointsandfigures.com)
Global
- The shrinkage of Japan's population is accelerating. (nytimes.com)
- Canadian households have binged on consumer debt this past decade (bnnbloomberg.ca)
- Many Australians fighting wildfires are volunteers. (bbc.com)
Economy
- Chemical activity was stable in December. (calculatedriskblog.com)
- Weekly initial unemployment claims are hanging in there. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Startup links: amounts of runway. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Personal finance links: striking a balance. (abnormalreturns.com)
- Research links: erratic performance. (abnormalreturns.com)