Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at how millionaires invest.

Quote of the Day

"With most asset classes we studied throughout history if you trend followed that asset, you generally received similar returns to whatever that asset class already gave you, but cut your drawdowns significantly."

(Ryan Kirlin)

Chart of the Day

Fund managers are sitting on a lot of cash.