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Quote of the Day
"Innovation doesn’t happen very often. How many people have ever invented a new way of doing anything? If stasis is the norm, then we should expect that many great ideas are routinely overlooked."
(Alex Tabarrok)
Chart of the Day

Drawdowns are the price investors pay to earn the equity risk premium.
Markets
- Q4 2019 S&P 500 earnings are actually coming in positive. (axios.com)
- People who talk a lot about bubbles probably haven't experienced one. (ritholtz.com)
- Why 2019 bond market returns were so anomalous. (thebackcourtreport.com)
Strategy
- Why sequence of return risk matters so much. (movement.capital)
- If investing is a long term proposition, why do we pay so much attention to the short term? (alephblog.com)
Media
- Google ($GOOGL) may be creating a premium news product. (wsj.com)
- Vivendi's Universal Music Group will likely go public at some point. (variety.com)
CEOs
- Just how 'sufficient' is Tesla's ($TSLA) management team? (ftalphaville.ft.com)
- How testosterone affects CEO risk-taking. (klementoninvesting.substack.com)
Blackrock
- Blackrock ($BLK) is donating some $600 million worth of shares in the mortgage company PennyMac Financial Services Inc. ($PFSI) to fund nonprofits. (finance.yahoo.com)
- Blackstone ($BLK) is making inroads with individual investors with private real estate funds. (wsj.com)
Finance
- Family offices now increasingly have direct access to bank trading desks. (bloomberg.com)
- How cultural biases affect how analyst rate companies from other countries. (economist.com)
Fund management
- A translation guide to portfolio manager-speak including "We have a great backtest = We are going to lose money after we take your money." (institutionalinvestor.com)
- Factor investing is coming to bond portfolios. (marketwatch.com)
- Jeremy Grantham is increasingly putting his money towards climate focused-venture capital investments. (institutionalinvestor.com)
Economy
- Industrial production fell in January. (calculatedriskblog.com)
- Retail sales rose in January. (valueplays.net)
Earlier on Abnormal Returns
- Podcast links: interviewing tips. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: unrealistic growth expectations. (abnormalreturns.com)
Mixed media
- 30% of adult Americans say they have been on an online dating site. (techcrunch.com)
- Dating apps DGAF about your personal data. (finance.yahoo.com)
- Is the world ready for 'video dating'? (washingtonpost.com)
- The story behind Female Dating Strategy (FDS) with 50,000 members it is billed as “the first and only all-women dating subreddit.” (wsj.com)
- The 50 greatest breakup songs of all-time. (theringer.com)