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Quote of the Day
"Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake, early."
(Ryan Krueger)
Chart of the Day

What happens when you extend the asset allocation quilt back two decades?
Markets
- The price of rhodium have surged 65% already in 2020. (wsj.com)
- What changed in Q4 2019 to propel the stock market higher? (medium.com)
- Fewer than 10% of individual stocks are in a bear market. (sentimentrader.com)
Volatility
- How the VIX has become a product, not just a measure. (rcmalternatives.com)
- Are you invested in a short-vol product, and don't know it? (alephblog.com)
Big Tech
- Google ($GOOGL) doesn't want you to distinguish between ads and search results any more. (theverge.com)
- Apple ($AAPL) stock now has a consumer staples-like multiple. (peridotcapitalist.com)
- Ads from big US companies are ending up on Russian propaganda outlets. (nytimes.com)
- Why 20th century ideas about anti-trust don't make sense when it comes to Big Tech. (wired.com)
Private equity
- Private equity firms are having a hard time holding onto their younger workers. (msn.com)
- Why private equity is to blame for the demise of Fairway. (bnnbloomberg.ca)
- Duff & Phelps once again has new PE owners. (wsj.com)
ETFs
- The history of ETFs in one infographic. (visualcapitalist.com)
- The ETF fee wars are not going to spare ESG and actively managed funds. (insight.factset.com)
Fund managment
- Renaissance Technologies is setting itself up to outlive its founder. (financial-planning.com)
- High fees make sense if they truly help you diversify your portfolio. (economist.com)
- The FTC is now asking companies about their largest shareholders, think index fund managers. (msn.com)
- Why the complexity of alternative investment can trip up fiduciaries. (morningstar.com)
Global
Economy
Earlier on Abnormal Returns
- Startup links: making good decisions. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: a negative art. (abnormalreturns.com)
- Wisdom, vulnerability and authenticity. (abnormalreturns.com)
- Risk and return: survive and move on. (abnormalreturns.com)