Markets

• Five big things that are supposed happen but still haven't. (humbledollar.com)
• Keep an eye on small cap weakness. (disciplinedinvesting.blogspot.com)

Strategy

• Stop making 'purposeful mistakes.' (mrzepczynski.blogspot.com)
• Brett Steenbarger, "Trading problems occur when we pursue trading as a source of fun and stimulation rather than as a career that can provide fulfillment." (traderfeed.blogspot.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Crypto

• Crypto is in the 'installation phase' where it is difficult to keep up with everything going on. (avc.com)

Companies

• Amazon ($AMZN) is no longer running at breakeven. (recode.net)
• Neil Cybart, "There is no evidence that Apple is growing frustrated or tired of the differences found between iPad and Mac." (aboveavalon.com)
• Some reasons to be bullish about our digital future. (blog.evergreengavekal.com)

Facebook

• How to fix Facebook ($FB). (ritholtz.com)
• Facebook ($FB) still controls the big three networks. (lefsetz.com)
• Should index investors worry about Facebook ($FB)? (portfoliocharts.com)

Funds

• There is still some innovation in the bond ETF space. (barrons.com)

Global

• The Groupon of China, Pinduoduo ($PDD), is now public. (fortune.com)

Economy

• James Hamilton, "Growth in consumption, nonresidential fixed investment, and net exports helped produce the strong numbers." (econbrowser.com)
• Conor Sen "The challenge for the economy is how much more room there is for it to grow without inflation accelerating."
  Email
  In this article
  CL1
  WTI Crude
  68.69
  USD/bbl.
  -0.92-1.32%
  
  Friday’s strong second-quarter gross domestic product report brings up the question of whether it can be sustained in a way it wasn’t the last time GDP growth was this robust four years ago.
  
  The economy in 2014 had some things going for it that the current economy lacks — a federal funds rate firmly anchored at zero and an economy still operating well below its potential, implying more room to grow without inflation being a concern. Yet an unexpected shock came in the form of the collapse of energy prices that dragged down growth during the next couple of years.
  
  The good news in 2018 is it’s hard to see a demand shock lurking out there that might derail things the way energy did four years ago. But the bad news is that with the economy now operating above its potential, we’re going to need some positive surprises if this pace of growth is to be sustained.
  
  The surge in economic growth in the second and third quarters of 2014 was due in large part to a boom in energy investment. In the 1990s, the share of GDP attributable to fixed investment in mining exploration, shafts and wells was 0.2 percent. That share began to increase in the mid-2000s as the rising price of oil incentivized companies to invest in more energy production. This really took off after the financial crisis as the technology improved, new sources of supply were identified and the price of oil remained high. That same share of GDP due to mining investment peaked at 1.1 percent in the fourth quarter of 2014.
  Boom Times, Bust Times
  
  Investment in mining and energy extraction as a share of gross domestic product
  
  Source: Federal Reserve Bank of St. Louis
  
  This might sound like a relatively small amount in the context of the vast U.S. economy. Of course, it’s not just the direct impact of that investment that mattered, but the multiplier effects. Industrial companies had to build equipment to support the industry. Trucking and rail companies had higher revenue as machinery and raw materials had to be shipped. In the West Texas shale patch, workers got paid more, which meant they could spend more on consumption. Tax revenue grew. Companies and countries around the world benefited.
  
  But the bust reversed all that and then some. This is because in a bust, investment falls faster than it rose in the boom; it only took six quarters for energy investment as a share of GDP to erase five years of growth. Knock-on effects dented both the supply chain for the industry and the global economy, as the dollar surged, emerging-market economies struggled and credit spreads for the whole economy widened as investors feared how extensive the damage would be. By the fourth quarter of 2015, GDP growth was down to 0.4 percent from 5.1 percent in the second quarter of the prior year.
  Can It Last This Time?
  
  U.S. quarterly gross domestic product growth
  
  Source: Bureau of Economic Analysis via Bloomberg
  
  The good news in 2018 is the energy bust already happened, so that shouldn’t be something that can undermine the economy today. Housing is always an industry people think about when talking about the risk of a downturn. Yet, while land, labor, raw materials and interest rates have all been rising, demand for housing remains robust, with millennials entering their family-forming years and low supply in the marketplace. Muddling through seems like the worst case scenario for housing for now.
  
  The challenge for the economy is how much more room there is for it to grow without inflation accelerating." (bloomberg.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

• Top clicks this week on the site. (abnormalreturns.com)
• Longform links: coastal vulnerability. (abnormalreturns.com)

Mixed media

• Why you should read outside your field. (collaborativefund.com)
• Why e-mail newsletters are often given up for dead, but aren't going anywhere. (medium.com)
• You're never going to be caught up at work: get over it. (hbr.org)

Top clicks this week on Abnormal Returns

1. Three keys to happiness in retirement. (vanguardblog.com)
2. The big question for nearly everyone is 'how much is enough'? (whitecoatinvestor.com)
3. Why lottery winners often blow all their dough. (wealthmanagement.com)
4. Putting Facebook's ($FB) decline in context. (howardlindzon.com)
5. The economic cycle can carry on longer than most think. (thereformedbroker.com)
6. The calculus between paying down your mortgage or investing. (morningstar.com)
7. Leon Cooperman, “I don’t want to spend the rest of my life chasing the S&P 500 and focused on generating returns on investor capital.” (bloomberg.com)
8. Some things every young investor needs to know. (thereformedbroker.com)
9. BDCs have big yields. Investors likely don't know what they are getting into. (barrons.com)
10. Be worried: a look at structured notes on FANG stocks. (ftalphaville.ft.com)

Also on the site this week

• The first law of finance is that there are no laws. (abnormalreturns.com)

Energy

• The worm has turned. Coastal states are now vying for new offshore wind projects. (wsj.com)
• If nuclear power has a future it is small and modular. (ft.com)
• How Hoover Dam could be used to help manage the electric grid. (nytimes.com)
• Smart streetlights are saving San Diego money on lighting and providing other benefits as well. (digitaltrends.com)

Environment

• Is Amazon ($AMZN) Prime a hidden environmental disaster? (buzzfeednews.com)
• Climate change is affecting how the seasons play out. (bloomberg.com)
• Plastic is everywhere! How to be more mindful about your consumption. (npr.org)

Technology

• The biggest, most productive companies get there by investing in their own proprietary technology. (wsj.com)
• The big tech companies are walking a fine line as they begin to tell users to spend less time on their phones. (ft.com)
• Can you get through dinner without checking your phone? (nytimes.com)

Travel

• Can airline seats get any smaller? (wsj.com)
• Why wi-fi on airplanes is not free. (wsj.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Health

• Why aren't we paying attention to the issue of falling sperm counts? (nytimes.com)
• HPV vaccines should be gender-neutral. (newscientist.com)
• 9 behaviors that can cut your risk of dementia. (vox.com)
• More evidence that when you eat is as important as what you eat. (nytimes.com)
• What pragmatic trials can tell us that randomized controlled trials can't. (theincidentaleconomist.com)

Psychology

• Green space can help ease depression. (npr.org)
• ECT is a radical but for some effective treatment for depression. (hollywoodreporter.com)
• How ketamine treatment help one person with depression live again. (vox.com)
• Warm weather is associated with increased depression and suicide. (technologyreview.com)
• Which results from happiness research are robust. (marginalrevolution.com)

Food

• The US is running out cold storage for tariff-affected meat products. (wsj.com)
• The FDA has finally given Impossible Burger's plant-based meat its stamp of approval. (engadget.com)
• What can we learn from the six highest grossing restaurants in the US. (washingtonpost.com)

Drink

• Robots are coming to a bar near you. (wsj.com)
• Natural wine is hot, but is it any good? (grubstreet.com)

Cannabis

• Lebanon considers legalizing marijuana to boost the economy. (ft.com)
• The downside of regular marijuana use. (bigthink.com)

Cycling

• How much energy do riders in the peloton save? (wsj.com)
• How Lance Armstrong is making the most of his second chance. (freakonomics.com)
• The Tour de France is giving up its 'podium girls.' (nytimes.com)

Sports

• Cities and states need to stop subsidizing stadiums for billionaire team owners. (ritholtz.com)
• MLB is moving closer to adopting a universal designated hitter. (wsj.com)
• Bob Ley is the conscience of ESPN. (theringer.com)

Entertainment

• Mega-media mergers are going to change the what and how you watch movies and shows. (nytimes.com)
• The line between standup and solo show has been destroyed. (nytimes.com)

Kids

• Parents are stalking their kids' Venmo feeds. (bloomberg.com)
• Teens don't want Summer jobs. (npr.org)

College

• Public universities are still an engine for combating income inequality. (fastcompany.com)
• Income share agreements are coming to a university near you. (economist.com)
• A class teaches college kids learn how to tell their story in job interviews. (npr.org)
• Lesser-known universities get more bang for their research bucks. (bloomberg.com)
• Which college degrees earn the highest starting salary. (visualcapitalist.com)

Earlier on Abnormal Returns

• Longform links: coastal vulnerability. (abnormalreturns.com)
• What you missed in our Friday linkfest. (abnormalreturns.com)
• Podcast links: secrets and lies. (abnormalreturns.com)
• The first law of finance is that there are no laws. (abnormalreturns.com)

Mixed media

• Juul is getting sued by users who say the company has hooked them on nicotine. (wired.com)
• How to optimize your caffeine intake. (wsj.com)
• On the relationship between sleep and deep learning. (medium.com)

Finance

• 12 lessons from James O'Shaughnessy author of "What Works on Wall Street." (25iq.com)
• The private equity industry is booming. Time to take note. (institutionalinvestor.com)
• Will factor investing put hedge funds out of business? (ft.com)

Technology

• We need a backup system for GPS. (bloomberg.com)
• How e-commerce is changing rural China. (newyorker.com)
• The market for information is broken. (medium.com)

Longform

• The small country of Guyana is on the cusp of an oil boom. (nytimes.com)
• Abandoning vulnerable cities near the coast seems like a logical solution to rising sea levels but in practice is a tough sell. (scientificamerican.com)
• Modern life is at odds with our need for sleep. (nationalgeographic.com)
• Nick Chater, author of "The Mind is Flat" says there is no unconscious mind for us to probe. (nautil.us)
• How one writer's encounter with Fred Rogers changed his opinion entirely. (vox.com)

Markets

• Urban Carmel, "In summary, the 5 largest stocks are big (but not unusually so) and outperforming most other stocks (which is how they came to be in the top 5). All of this is normal. Over time, stock indices have typically been driven higher by a small number of stocks. And over time, those leaders have continually change." (fat-pitch.blogspot.com)
• Ed Yardeni's indicators haven't rolled over yet. (blog.yardeni.com)
• The S&P 500 is NOT a momentum fund in drag. (theirrelevantinvestor.com)

Strategy

• Why you wouldn't have picked Berkshire Hathaway ($BRK.A) stock back in 1975. (morningstar.com)
• How a value investor thinks about the difference between an investment vs. speculation. (safalniveshak.com)
• Why rebalancing works in an investor's favor. (economist.com)
• Why price targets are stupid. (howardlindzon.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Crypto

• The SEC has once again rejected a proposed Bitcoin ETF. (cnbc.com)

Twitter

• Another day, another social media disappointment. (cnbc.com)
• What is Twitter ($TWTR) has all the users it is going to get? (bloomberg.com)
• If you are on Twitter ($TWTR) its likely the case your tweets are a part of some academic research study. (fivethirtyeight.com)

Finance

• Wall Street is increasingly geared toward serving the interest of private equity. (economist.com)
• Why private equity is keen on the growing health care sector. (economist.com)

Funds

• How State Street ($STT) lost its lead in the ETF business. (wsj.com)
• The rise in passive investing is helping to put the squeeze on third party research firms. (blogs.cfainstitute.org)

Economy

• Q2 GDP rose at a robust 4.1% rate. (calculatedriskblog.com)
• Chemical activity was up in July pointing towards continued industrial production growth. (calculatedriskblog.com)
• Americans have been saving more than we thought. (ft.com)

Earlier on Abnormal Returns

• Podcast links: secrets and lies. (abnormalreturns.com)
• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Startup links: massive value accretion. (abnormalreturns.com)
• The first law of finance is that there are no laws. (abnormalreturns.com)

Mixed media

• Want less biased decisions? Use an algorithm. (hbr.org)
• You can only know so much before acting. (seths.blog)
• We are all hostages to our biases. (newscientist.com)

The biz

• Do we really want to have a centralized Youtube for podcasts? (daringfireball.net)

Finance

• Barry Ritholtz talks with John Carreyrou author of "Bad Blood: Secrets and Lies in a Silicon Valley Startup." (ritholtz.com)
• Patrick O'Shaughnessy talks with writer Bethany McLean. (investorfieldguide.com)
• Meb Faber talks with David Gladstone of Gladstone Capital about farmland investing. (mebfaber.com)
• Ted Seides talks with Manny Friedman, CEO of EJF Capital about investing and philanthropy. (capitalallocatorspodcast.com)
• Michael Samuels of Broome Street Capital talks with Michael Batnick author of "Big Mistakes: The Best Investors and Their Worst Investments." (blogtalkradio.com)
• Sam Maule talks angel investing with Howard Lindzon. (fi.11fs.com)

Brian Koppelman

• Brian Koppelman talks with Seth Godin. (wsj.com)
• Peter Kafka talks with Brian Koppelman of "Billions" about the art of storytelling. (recode.net)

Non-finance

• Shane Parrish talks with Annie Duke author of "Thinking in Bets" about poker and mental models. (fs.blog)
• Scott Barry Kaufman talks with Steve Pinker author of "Enlightenment Now: The Case for Reason, Science, Humanism, and Progress." (scottbarrykaufman.com)
• Nick Bilton talks with Adam Fisher author of "Valley of Genius." (vanityfair.com)
• Tim Ferriss talks with Jason Fried, co-founder and CEO at Basecamp. (tim.blog)
• Chris Dixon talks scaling with Elad Gill author of "The High Growth Handbook." (a16z.com)
• Brett McKay talks with Gregg Krech author of "The Art of Taking Action: Lessons from Japanese Psychology." (artofmanliness.com)

Facebook

• Putting Facebook's ($FB) decline in context. (howardlindzon.com)
• Why Facebook's stock is tanking. (techcrunch.com)

Strategy

• Michael Batnick, "There's no edge in a single ratio." (theirrelevantinvestor.com)
• How regret, or a lack thereof, can be a sign to do some portfolio reconstruction. (morningstar.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Companies

• Just how much are American companies increasing capex? (bloomberg.com)

Finance

• Why private equity firms selling portfolio companies to other private equity firms is troubling. (institutionalinvestor.com)

Fund management

• Interval funds are a small but growing niche. (ft.com)
• Hedge funds are shaking up how they hire to increase diversity. (institutionalinvestor.com)

Global

• Why are wages rising in Europe but not in the US? (nytimes.com)
• How GDP growth can be misleading. (ftalphaville.ft.com)

Economy

• Weekly initial unemployment claims still suggest few layoffs. (calculatedriskblog.com)
• Some signs that the growth in the economy may be topping out. (crossingwallstreet.com)
• There is no productivity miracle hiding in the data. (wsj.com)
• Expect more "trade deals" from the President over time. (thereformedbroker.com)

Earlier on Abnormal Returns

• Startup links: massive value accretion. (abnormalreturns.com)
• The first law of finance is that there are no laws. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: time is our ally. (abnormalreturns.com)

Mixed media

• How more breaks can help you from burning out. (bloomberg.com)
• Some evidence that a sit-stand desk actually does improve productivity. (fastcompany.com)
• Gratitude needs to be actively cultivated. (iheartwallstreet.com)

Outside the Valley

• Why venture investors have to look outside the Valley for investments. (haystack.vc)
• On the challenges of building (and funding) a company far away from the Valley. (pointsandfigures.com)

Venture capital

• How Google's VC arm GV uses big data to make investment decisions. (axios.com)
• Why a lot of people wash out of VC: they don't understand the job before getting into it. (hunterwalk.com)
• Why investing in Juul isn't appropriate for VCs. (om.co)

Advice

• Mike Maples Jr., "It’s like the Tortoise and the Hare. Fast Money gets the positive attention and headlines in the beginning, but being patient and right drives the biggest outcomes." (medium.com)
• Fred Wilson, "You are never not raising money when you are running a company or any sort of business endeavor that requires capital, which is basically everything." (avc.com)
• A talk with Marc Andreessen of Andreessen Horowitz about scaling startups. (a16z.com)

Startups

• 2009-2012 was the golden age for consumer startups. Can they make a comeback? (medium.com)
• Seed round valuations are showing signs of froth. (feld.com)
• It will be interesting to see what kind of uptake Opportunity Zone funds get. (forbes.com)
• Seven lessons learned from selling your company to a much larger one. (medium.com)
• Research shows that non-stop flights to Silicon Valley help increase venture capital flows. (dlib.bc.edu)
• WeWork is going vegetarian. (nytimes.com)

Strategy

• Why buybacks are likely to re-accelerate. (thereformedbroker.com)
• On the myth of 'Dr. Copper.' (pensionpartners.com)
• Hedge fund alpha is real but rare. (rcmalternatives.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Crypto

• Bitwise Asset Management filed for an ETF version of its Bitwise HOLD 10 Private Index Fund. (etf.com)

Google

• It's hard to underestimate the influence that Google ($GOOGL) Maps has had on the world. (theirrelevantinvestor.com)
• G Suite is becoming more of an Office killer. (fastcompany.com)
• Google ($GOOGL) still has additional industries it could enter. (howardlindzon.com)

Finance

• Stefan Cheplik, "Investors, fans, and followers will no longer want to hear from companies. They will not longer want dry, corporate, and dull sounding messages. They will want to hear directly from the people who run the companies." (hackernoon.com)
• Andrew Ross Sorkin, "The truth of the Main Street Investors Coalition is that it is an organization aimed at preventing investment firms from raising issues like climate change." (nytimes.com)
• Eight "rules" for insider trading. (bloomberg.com)

Indexing

• Indexing is maturing as an investment style. (ritholtz.com)
• Passive managers need not be passive investors. (evidenceinvestor.co.uk)

Fund management

• A talks with Jim Ross of State Street ($STT) about the past and future for ETFs. (blogs.cfainstitute.org)
• Of course Amazon ($AMZN) could get into the money management business. (bloomberg.com)
• How far is 'too far' when it comes to doing due diligence on asset managers? (researchpuzzle.com)

Economy

• Bill McBride, "(I)t is important to remember that new home sales are more important for jobs and the economy than existing home sales." (calculatedriskblog.com)
• Mark Rzepczynski, "Determining the state of the environment is not the same as describing the latest economic data." (mrzepczynski.blogspot.com)

Earlier on Abnormal Returns

• Personal finance links: time is our ally. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: staying disciplined. (abnormalreturns.com)

Mixed media

• Under what circumstances does "full information" fail us flawed humans? (marginalrevolution.com)
• Our instinct for cooperation seems to be innate. (qz.com)
• Mice and rats are just as likely to be fooled by the sunk cost effect. (nytimes.com)
• How to overcome negativity bias. (advisorperspectives.com)

Retirement

• Three keys to happiness in retirement. (vanguardblog.com)
• Retirees often underestimate the costs of healthcare. (humbledollar.com)
• Why flexibility is key when organizing your retirement. (themaven.net)

Young investors

• Some things every young investor needs to know. (thereformedbroker.com)
• On the benefits of getting your children investing early on in life. (howardlindzon.com)

Personal finance

• Don't let family folklore dictate your big financial decisions. (morningstar.com)
• The big question for nearly everyone is 'how much is enough'? (whitecoatinvestor.com)
• Steps to take with a financial windfall. (portfoliocharts.com)
• The calculus between paying down your mortgage or investing. (morningstar.com)
• Why you should consider making charitable gifts from your IRA. (morningstar.com)
• Repair vs. replace is often a difficult question. (humbledollar.com)
• Kids probably don't want Baby Boomers' possessions. (barrons.com)

Markets

• The economic cycle can carry on longer than most think. (thereformedbroker.com)
• Things are still pretty good on the dividend front. (politicalcalculations.blogspot.com)

Factors

• Momentum strategies are easy on paper, hard in practice. (blog.validea.com)
• On the parallels between trait psychology and factor investing. (marketfox.org)

Behavior

• Why there's no such thing as 'Mosquito Week.' (awealthofcommonsense.com)
• A few notes on Brian Portnoy's new book "The Geometry of Wealth." (cxoadvisory.com)
• You'll never find peace through trading. (traderfeed.blogspot.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Lobbying

• Big Tech will increasingly have to deal with political risks. (ftalphaville.ft.com)
• Maybe that is why crypto companies are already courting politicians. (ftalphaville.ft.com)

Funds

• Modern index fund management requires an activist focus. (ft.com)

Economy

• Economic papers have been growing in length, so much so that journals are imposing word limits. (wsj.com)

Earlier on Abnormal Returns

• Research links: staying disciplined (abnormalreturns.com)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: lottery losers. (abnormalreturns.com)

Mixed media

• Research shows you can be too much of a team player at work. (wsj.com)
• Big city freelancers gain a measure of freedom when they move to smaller towns. (slate.com)
• More evidence that heat is a productivity killer. (npr.org)

Research

• Smart beta ETFs don't necessary line up with factors in the academic literature. (factorresearch.com)
• What happens when you apply momentum factors to the corporate bond market. (alphaarchitect.com)
• PE/10 works better in markets that are more diverse from a sector perspective. (fortunefinancialadvisors.com)
• Portfolio optimization is rife with estimation risk. (blog.thinknewfound.com)
• Jeffrey Ptak, 'our research finds that risk-adjusted performance can play a valuable, if oft-overlooked, role in fund selection: It can indicate how much of a fund's return investors are likely to be able to actually capture.…er, eat." (morningstar.com)
• Do firms with female CEOs outperform the market? The answer is yes. (alphaarchitect.com)
• Target-date funds are a blunt instrument for a complex problem. (mathinvestor.org)
• Foreign investors do improve market efficiency. (papers.ssrn.com)

Strategy

• Why novice investors need to 'take their lumps' before moving onto more sustainable strategies. (ferventfinance.com)
• Brett Steenbarger, "In short, there do seem to be edges in the marketplace, but they're not found by doing what the crowd is doing. The key is not playing the game better, but figuring out the right game to be playing." (traderfeed.blogspot.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Crypto

• Can you mix Bitcoin with financial advice? (thereformedbroker.com)

Companies

• Twitter ($TWTR) needs to be bolder. (howardlindzon.com)

Finance

• The CME ($CME) is struggling to adapt to change in the global grain trade. (wsj.com)
• Regulators still don't have a clear look into the big banks' derivative books. (nytimes.com)
• The problem with private equity: C-suite compensation. (bloomberg.com)

Funds

• Blackrock ($BLK) is pushing hard into Europe. (ft.com)
• Why nobody wants liquid alts anymore. (ft.com)

Global

• Portugal went against the grain by eschewing austerity and it paid off. (nytimes.com)

Economy

• Optimism abounds on earnings conference calls of late. (avondaleam.com)
• The Chicago Fed National Activity Index showed above trend growth in June. (calculatedriskblog.com)
• US manufacturers are facing higher costs as slack disappears. (wsj.com)

Earlier on Abnormal Returns

• Adviser links: lottery losers. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• Top clicks last week on the site. (abnormalreturns.com)

Mixed media

• Loss aversion at work or why it stinks to be a sports fan. (bloomberg.com)
• We take more risk when we are competing against rivals. (hbr.org)

News

• How Wells Fargo ($WFC) wealth management division got caught up in the intense sales culture. (finance.yahoo.com)
• Some proposals under consideration to change 401(k) plans. (wsj.com)
• More companies are providing employees with financial wellness programs. (reuters.com)

Behavior

• Why lottery winners often blow all their dough. (wealthmanagement.com)
• Pause before selling a house after a spouse has died. (humbledollar.com)
• Parents need to prepare their children for independent financial lives before they leave the house. (wsj.com)

The biz

• There are plenty of good arguments against college, but a degree is still table stakes in financial advice. (theirrelevantinvestor.com)
• Investable wealth continues to grow, but fewer advisors will benefit. (forbes.com)
• Here are some techniques advisors can use to "help navigate money-related situations in relationships." (morningstar.com)
• Clients want their advisers to be able to help with charitable giving. (wealthmanagement.com)
• A client-focused mindset is necessary for financial advisers. (bunker-riley.com)

Markets

• BDCs have big yields. Investors likely don't know what they are getting into. (barrons.com)
• Earnings are great, but stocks aren't doing that much. (nytimes.com)

Strategy

• Great investors have great networks. (howardlindzon.com)
• Concentrated positions making holding onto through periods of volatility more difficult. (humbledollar.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Crypto

• Blockchain meets the art world. (nytimes.com)

Finance

• Be worried: a look at structured notes on FANG stocks. (ftalphaville.ft.com)
• The telecom industry is going to look a lot different later this year. (barrons.com)

Funds

• Are there too many darn ETFs? (wealthmanagement.com)
• Another year, another year of weak hedge fund returns. (etf.com)
• Why do these sub-$50 million mutual funds still exist? (barrons.com)

Economy

• A succinct summary of the week's economic events. (ritholtz.com)
• The economic schedule for the coming week. (calculatedriskblog.com)

Earlier on Abnormal Returns

• Top clicks this week on the site. (abnormalreturns.com)
• What you missed in our Saturday linkfest. (abnormalreturns.com)
• Longform links: random events. (abnormalreturns.com)

Mixed media

• Why some books on Amazon ($AMZN) are priced at $600+. (nytimes.com)
• Writing on your devices is easier now than ever. (wsj.com)
• On the benefits of writing a blog post on your phone. (avc.com)

Top clicks this week

1. Three market trends that are hard to ignore. (crossingwallstreet.com)
2. 11 things you come to believe in your 60s. (humbledollar.com)
3. Much what we think about investing is counter-intuitive. (theirrelevantinvestor.com)
4. Ryan Holiday with 13 things you should do every day. (medium.com)
5. Take of that what you will: real assets look cheap relative to financial assets. (mrzepczynski.blogspot.com)
6. Passive income is a lie. (radreads.co)
7. The yield curve inversion story is more nuanced than you think. (theirrelevantinvestor.com)
8. Seven traits that great investors share. (athrasher.com)
9. The ultimate list of the most useful accounts for Finance Twitter. (sentimentrader.com)
10. The CFA Institute is adding cryptocurrency material to the CFA exams. (ftalphaville.ft.com)

Also on the site

• Learning how to invest by doing. (abnormalreturns.com)
• Four sites that provide unique perspectives on life and financial markets. (forbes.com)

Autos

• Comm.ai is shipping a DIY self-driving car kit. (theverge.com)
• Autonomous vehicle startup Zoox just raised $500 million to launch a "robo-taxi" service. (ft.com)
• Which car brands have the most loyal owners? (priceonomics.com)

Energy

• Apple ($AAPL) is investing in a clean energy fund focused on China. (cnbc.com)
• How rooftop solar affects utility costs. (arstechnica.com)
• How sulphur will potentially roil oil markets due to changing use rules. (bloomberg.com)

Environment

• Wildfires in the US are getting bigger. (fivethirtyeight.com)
• Planting trees can help keep cities cooler during the Summer. (fastcompany.com)
• Rising seas could put our Internet infrastructure at-risk. (npr.org)
• Rising sea levels are going to make cities more expensive before they go under. (fastcompany.com)
• Why our intuition about sea level rise is wrong. (nautil.us)

Travel

• Why airlines should load planes from back to front. (ft.com)
• Airplane manufacturers are looking to continue to automate the cockpit. (reuters.com)
• The airport luxury lounge battle is heating up. (nytimes.com)

Support

• Stay up-to-date with all of our posts: sign-up for our daily e-mail. (abnormalreturns.com)
• Love Abnormal Returns? Then like (and follow) us on Facebook. (facebook.com)

Science

• The continent of Africa is quite literally splitting in two. (qz.com)
• The family tree of homo sapiens is richer and more complicated than earlier theories posit. (theatlantic.com)
• The US still doesn't have a way of getting astronauts to the Space Station. (qz.com)
• Wait, what? There is water in Earth's mantle? (quantamagazine.org)

Health

• The American health care system has uniquely high administrative costs. (theincidentaleconomist.com)
• Deaths from liver-related diseases are on the rise in the US. (washingtonpost.com)
• Urgent care clinics prescribe too many antibiotics. (washingtonpost.com)
• Mitochondria transplants could be used to revive dying organs. (nytimes.com)
• Researchers are trying to come up with an effective test for CTE. (npr.org)

Psychology

• We do not discuss mental health, until some one is in crisis. (blog.heartsupport.com)
• Why do immigrants have fewer mental health issues than native born citizens? (bigthink.com)
• How the FDA should loosen restrictions on the use of psychedelics. (blogs.scientificamerican.com)
• Developers are trying to tackle mental health treatments. (statnews.com)

Dogs

• Dogs can learn to read human facial expressions. (salon.com)
• Why dog walking is a good source of exercise. (nytimes.com)
• Dogs are uniquely at-risk of heat stroke. (qz.com)

Food

• Tracking seafood from sea to table is really difficult. (wsj.com)
• Full-fat dairy is not implicated in heart disease. (theatlantic.com)
• Small plates do not fool us when we are motivated, i.e. hungry. (blogs.scientificamerican.com)
• You can't be a restaurant and not have a delivery policy. (bloomberg.com)
• How ramen became an American staple. (newyorker.com)

Fitness

• Americans are swapping marathons for obstacle course races. (theatlantic.com)
• How many steps do you need to take per minute to walk 'briskly'? (nytimes.com)

Youth sports

• US youth soccer participation is falling. (nytimes.com)
• The entire youth sports process in the US is broken. (forbes.com)
• Why would anyone want to be a youth sports referee in this day and age? (nytimes.com)

College

• Most colleges no longer require personal essays. (washingtonpost.com)
• Colleges are getting increasingly sophisticated in their marketing. (wsj.com)
• Universities are increasingly soliciting real estate donations from their alumni. (indystar.com)
• Graduate Hotels is a boutique hotel company with hotels based in college towns catering to parents and alumni. (nytimes.com)

Kids

• More evidence that unfettered technology use can lead to issues with teens. (wsj.com)
• Why parents need a sabbatical from their children. (ft.com)
• Kids need to play outdoors, independently. (nytimes.com)

Earlier on Abnormal Returns

• Longform links: random events. (abnormalreturns.com)
• What you missed in our Friday linkfest. (abnormalreturns.com)
• Podcast links: book deals. (abnormalreturns.com)

Mixed media

• How to prepare before entering your MBA program. (ft.com)
• When wives make more than husbands, neither partner likes to admit it. (nytimes.com)
• H1-B workers make companies more innovative. (qz.com)