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Quote of the Day
"Investing is far from easy. It isn’t suited for most. It requires buggy humans to violate every bias and mental shortcut that they come hardwired with."
(Anand Sridharan)
Chart of the Day

The share of the top 5 companies in the S&P 500 used to be much higher than it is currently.
Markets
- What happens to the 'Magazine Cover Indicator' when magazines no longer exist? (ritholtz.com)
- Option traders just keep buying calls. (sentimentrader.com)
- The persistence of the current rally is really rare. (quantifiableedges.com)
Strategy
- There is a right, and wrong way, to prepare for lower equity market returns over the next decade. (theirrelevantinvestor.com)
- Why financial fraud is universal across time and social class. (thinkadvisor.com)
Finance
Trading
- The rise of the bond ETF has accelerated the use of 'portfolio trading' of bonds. (ft.com)
- The NYSE and Nasdaq are highly protective of their monopoly on closing auctions. (wsj.com)
ESG
- The narrative is changing around sustainability as it goes from an expense to an opportunity. (bloomberg.com)
- MSCI is urging investors to integrate ESG concerns into their portfolio management process. (investmentnews.com)
Global
- The upside case for Europe's economy in 2020. (schwab.com)
- Saudi Arabia is responsible for hacking Jeff Bezos' phone. (theguardian.com)
- Where foreign aid flows around the globe. (visualcapitalist.com)
Housing
- By any measure, housing activity is still below previous peaks. (calculatedriskblog.com)
- Weird. Millennials ownership share of US housing actually falling. (washingtonpost.com)
Economy
- The Chicago Fed National Activity Index points to slower economic growth in December. (calculatedriskblog.com)
- The Chemical Activity Barometer hit a new high this past week. (valueplays.net)
- All modes of freight volume is trending lower. (econbrowser.com)
Earlier on Abnormal Returns
- Personal finance links: a negative art. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: fluctuating factors. (abnormalreturns.com)
- Wisdom, vulnerability and authenticity. (abnormalreturns.com)
- Risk and return: survive and move on. (abnormalreturns.com)