Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at why billionaires don’t pay much tax on an annual basis.

Quote of the Day

"The two things that kill a company during a bubble are excessive optimism, and the unwillingness to be sufficiently optimistic"

(Byrne Hobart)

Chart of the Day

It’s hard to overstate how badly AT&T bungled its acquisition strategy.