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Quote of the Day
"In truth, the index-fund debates haven't really been about indexing. They have instead involved the entire fund industry."
(John Rekenthaler)
Chart of the Day
85% of S&P 500 constituents are trading above their 200 day moving averages.
Strategy
- Brett Steenbarger, "History is not guaranteed to repeat itself, but formulating strong views in the absence of any knowledge of history is not trading: It is malpractice." (traderfeed.blogspot.com)
- Why holding onto a winning stock is so difficult. (novelinvestor.com)
- Making the case for a time-invariant asset allocation. (alephblog.com)
- Interest rates have been coming down for centuries. (mrzepczynski.blogspot.com)
Crypto
Companies
- Google ($GOOGL) has joined the $1 trillion club. (nytimes.com)
- Apple ($AAPL) has a billion users. How can it get to two billion? (aboveavalon.com)
- Microsoft ($MSFT) aims to be carbon-negative by 2030. (bbc.com)
Finance
- Someone is making money off of the corpse of Sears...it's the bankruptcy advisers! (wsj.com)
- Why Goldman Sachs ($GS) has JP Morgan Chase ($JPM) envy. (ft.com)
ETFs
- Building a startup ETF provider is not for the faint of heart. (exponentialetfs.com)
- Five tips for trading ETFs. (morningstar.com)
- Why equal-weight ETFs haven't taken off. (nytimes.com)
- Why you should say no thank you to leveraged ETFs. (evidenceinvestor.com)
China
- China's economy in 2019 grew at its slowest pace since 1990. (reuters.com)
- A look at the structural issues that are holding back China's economy. (nytimes.com)
- Ant Financial still wants to go public. (ft.com)
Demographics
- Italy is facing a demographic crisis. (ft.com)
- Italy is not the only country going through a big demographic change. (visualcapitalist.com)
- China's birthrate just hit a historic low. (nytimes.com)
Economy
- The Labor Department is overhauling how it releases critical economic data. (wsj.com)
- Industrial production fell in December. (calculatedriskblog.com)
- US manufacturing employment has been in secular decline for 70 years. (global-macro-monitor.com)
Earlier on Abnormal Returns
- Podcast links: building better habits. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: solving important problems. (abnormalreturns.com)
