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Quote of the Day
"I think those endowments and foundations who are trying to implement their own Yale model are doing their beneficiaries a disservice. They’re trying to re-create lightning in a bottle"
(Ben Carlson)
Chart of the Day

Why Spotify’s ($SPOT) valuation lags other media aggregators.
Markets
- Stocks and commodities are diverging, big time. (sentimentrader.com)
- Why the stock market surged in Q4. (blogs.uoregon.edu)
Value
- Don't hold your breath waiting for a massive value stock bounceback. (institutionalinvestor.com)
- Why Tesla ($TSLA) is such a hot button stock for value investors. (finance.yahoo.com)
Strategy
- Is investing really a 'solved problem'? (investwithanedge.com)
- There is a big difference between research and portfolio implementation. (mrzepczynski.blogspot.com)
- The story of one investor that turned the 1929 crash to his advantage. (novelinvestor.com)
Crypto
Companies
- Joshua Topolsky, "In short: the new Motorola Razr as a product is probably dead on arrival." (inputmag.com)
- Why Google ($GOOGL) may want to spin off its third party ad business ahead of regulatory action. (bloomberg.com)
- 2020 is a make-or-break year at Juul. (buzzfeednews.com)
Consumer
- Casper ($CSPR) took a big haircut to go public. (axios.com)
- The FTC's opposition to the Harry's acquisition could put a crimp in the entire DTC sector. (businessinsider.com)
- The rise of private label has upended the CPG sector. (collaborativefund.com)
- Skin care products are going gender-neutral. (wsj.com)
Apple
- John Gruber's 2019 Apple ($AAPL) report card. (daringfireball.net)
- The first great wearable isn't the Apple Watch, its Airpods. (fastcompany.com)
- Apple ($AAPL) Watch now easily outsells the entire Swiss watch industry. (theverge.com)
Private equity
- Quant investor Two Sigma is bringing its data analysis to private equity with Sightway Capital. (institutionalinvestor.com)
- Private equity now as a critic inside the tent. (ft.com)
ETFs
- How bond ETFs have helped bond market liquidity (marketwatch.com)
- Who should have access to an ETF’s daily portfolio composition file? (ftalphaville.ft.com)
Global
- How is Hong Kong's economy holding up against the coronavirus? (economist.com)
- Even Japan's economy is feeling the pinch from income inequality. (ftalphaville.ft.com)
Economy
- Weekly initial unemployment claims continue to come in at historically low levels. (calculatedriskblog.com)
- Jobs reports don't garner interest from traders they once did. (economist.com)
- Why the Fed is likely on hold indefinitely. (blog.yardeni.com)
Earlier on Abnormal Returns
- Startup links: locked up capital. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the biggest lie in personal finance. (abnormalreturns.com)
- February ESG links: stewardship codes. (abnormalreturns.com)