Warren Buffett writes “Today people who hold cash equivalents feel comfortable. They shouldn’t.”  (NYTimes.com also Free exchange, Dealbreaker)

But the history of Tobin’s Q indicates the market could sink below fair value before rebounding.  (NYTimes.com)

“How is sentiment lately? It is insanely negative.”  (Big Picture)

High correlations between commodities and equities have put the diversification story in doubt.  (WSJ.com also FT.com, Money & Co., Bespoke)

An estimate of just how much hedge funds will need to unwind.  (Infectious Greed also Marketwatch.com)

Just how bad is it going to get for the hedge fund industry?  (All About Alpha, Deal Journal)

The last hour of trading has become treacherous.  (Odd Numbers)

Stocks are ‘absurdly volatile.’  (Daily Options Report also Condor Options)

Bear market lows tend to be ‘complex affairs.’  (TraderFeed)

Is ‘buy and hold‘ dead?  (macroblog)

Market timing requires two decisions:  when to sell and when to buy.  (Minyanville.com)

Bogle and Bodie on diversification, risk and return.  (BusinessWeek.com)

Has there been any movement in the credit crisis indicators?  (Calculated Risk)

“What, though, is the consequence of Libor remaining elevated?”  (FT Alphaville)

“So why isn’t the bailout working?”  (Clusterstock)

“In a financial crisis, there are no good solutions.”  (Aleph Blog)

The best way to profit from a stabilization in the muni markets.  (Accrued Interest)

This has got disaster (and future government bailout) written all over it -a General Motors (GM)-Chrysler merger.  (NYTimes.com, TheDeal.com)

Please end the Microsoft (MSFT)-Yahoo! (YHOO) talk once and for all.  (DealBook, Deal Journal)

James Surowiecki joins the econoblogosphere.  (NewYorker.com via Market Movers)

The blogosphere has come a long way, but not all the way.  (Andrew Sullivan, Market Movers)

StockTwits 2.0 is live.  (Howard Lindzon, A VC, Information Arbitrage)

Have we missed an interesting post in the investment blogosphere? If so, feel free to drop Abnormal Returns a line.