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Quote of the Day
"Wall Street excels at creating strategies with fees that can be harvested from every component. In practice, that means investment firms want to grab as much of your money as they can and farm out as little of it as possible."
(Jason Zweig)
Chart of the Day

Putting into perspective the record low 30 year Treasury yields this past week.
Markets
Strategy
- How to think about the 'cash on the sidelines' problem. (compoundadvisors.com)
- Why successful investing strategies are often pretty boring. (perdiem.blog)
- Why you should avoid trying to 'tinker' with your portfolio. (humbledollar.com)
Berkshire Hathaway
- Here is the 2019 Berkshire Hathaway ($BRK.A) shareholder letter for your reading pleasure. (berkshirehathaway.com)
- Berkshire Hathaway ($BRK.A) amped up it share repurchases in a year the stock underperformed. (wsj.com)
- Warren Buffett was critical of corporate boards this year. (nytimes.com)
- Warren Buffett's shareholder letter has gotten much shorter over the past few years. (msn.com)
Finance
- Why Morgan Stanley ($MS) purchased E*Trade ($ETFC): reach. (barrons.com)
- Why the SEC rejected the CBOE's ($CBOE) proposal for a trading 'speed bump.' (wsj.com)
Funds
- The last decade has been pretty much a disaster for managed futures funds. (barrons.com)
- Leveraged ETFs what they are supposed to do, but not what people want them to do. (themacrotourist.com)
Media
- Six ways the business media makes money. (thebasispoint.com)
- On the state of the current media landscape. (theirrelevantinvestor.com)
- Apple TV+ is a bit of a mess. (theringer.com)
Policy
- Noah Smith, "Economists are starting to accumulate evidence that instead of being indolent layabouts, poor people are harried and frantic." (finance.yahoo.com)
- Many Americans are relying on their homes and Social Security to pay for retirement. (awealthofcommonsense.com)
- Why 'Rothifying' the US retirement savings program would leave everyone worse off than before. (wsj.com)
- There is a clear relationship between per capita income and health care spending. (marginalrevolution.com)
- Republicans and Democrats want different things when it comes to housing and communities. (pewresearch.org)
Economy
- What would happen to retail vacancy rates if an actual recession hit? (disciplinedinvesting.blogspot.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- What everyone was reading on the site this week. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: useful writing. (abnormalreturns.com)