Did you know you can stay up-to-date with all of our posts via our daily e-mail newsletter? Sign up today!
Quote of the Day
"Fear rarely considers the long-term; it is usually fixated on the here and now and how it could all go badly wrong in a hurry."
(Bob Seawright)
Chart of the Day

Unlike the Aggregate, the duration on the muni bond index has stayed pretty steady.
Markets
- The Bloomberg U.S. Financial Conditions Index is a record high. (sentimentrader.com)
- All but one Ivy League endowment fund underperformed a simple portfolio in 2019. (institutionalinvestor.com)
Strategy
- Ben Johnson, "Market-cap weighting is a form of momentum strategy—just not in the way that many think." (morningstar.com)
- Why your return expectations are likely out of whack. (mebfaber.com)
Finance
- What happens to market if the PE boom unravels? (adventuresincapitalism.com)
- Despite all the talk direct listings all still in their infancy. (marker.medium.com)
Finnovation
- Lending Club ($LC) is buying Radius Bank. (cnbc.com)
- YieldStreet is teaming with Blackrock ($BLK) on a fund including alternative, private credits (cnbc.com)
Funds
- A review of the goings on in the world of ETFs including the potential impact direct indexing may have on the growth of ETFs. (bpsandpieces.com)
- A combined Franklin Resources-Legg Mason will become the sixth largest mutual fund manager. (citywireusa.com)
Global
- The coronavirus was the straw that broke the camel's back for many expats living in Hong Kong. (bloomberg.com)
- The coronavirus is disrupting Chinese students ability to get to college overseas. (ft.com)
Economy
Books
- A Q&A with Adam Davidson about his new book "The Passion Economy: The New Rules for Thriving in the Twenty-First Century." (behavioralscientist.org)
- A Q&A with David Enrich author of "Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction." (fastcompany.com)
- A rave review for John Tierney and Roy Baumeister’s fabulous new book, "The Power of Bad: How the Negativity Effect Rules Us and How We Can Rule It." (realclearmarkets.com)
Earlier on Abnormal Returns
- Personal finance links: knowing your nut. (abnormalreturns.com)
- Our lives are filled with stuff, most of which is disposable. (abnormalreturns.com)
- Italy is a study in contrast: tourists want in, the youth want out. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: a free lunch. (abnormalreturns.com)