The long run is overrated.  “Individuals don’t invest over the long run. Each has one run, over a fixed time frame.”  (CBS Moneywatch)

“But the risk of investing in stocks isn’t the chance that your rate of return might vary from an average; it is the possibility that stocks might wipe you out. That risk never goes away, no matter how long you hang on”  (WSJ)

David Swensen, “ultimately, market timing is an exercise in futility… But making big, aggressive asset allocation moves isn’t a strategy that’s likely to prove successful in the long run.”  (FT)

Bill Miller is selling his fund on the strength of its “large tax-loss carry forwards”  (Barron’s also World Beta)

Some big hedge funds performed well in September and are nearing their high water mark(s).  (DealBook, WSJ)

The state of investor sentiment at week end.  (Trader’s Narrative, The Technical Take)

Active manager “confidence” is quite low.  (Zero Hedge)

The IPO market is in its “sweet spot” at the moment.  (WSJ)

Size really does matter…for ETFs.  (Abnormal Returns)

Parsing the three kinds of commodity ETFs.  (IndexUniverse)

Bill Ackman makes the short case for Realty Income (O).  (market folly)

Something to read before investing with Zoe Cruz.  (FT Alphaville)

Is the Phibro sale a precursor of further divestments by the big banks?  (Deal Journal also Matthew Goldstein)

Given the events of the past year or so should we really be surprised there is a state and local pension crisis?  (WashingtonPost)

The ‘democratization of credit‘ is over.  (naked capitalism)

The bottom may be in for home prices, but there is no boom ahead.  (NYTimes, Calculated Risk)

Americans are still delusional about house prices.  (The Money Game)

Some crazy foreclosure statistics.  (The Reformed Broker)

Are new natural gas finds going to bail out America?  (Telegraph via Infectious Greed)

“The challenges for private oil companies to increase oil production are pretty daunting.”  (Econbrowser)

“If, in the midst of a financial crisis, you get a disproportionate share of your advice from a few select Wall Street veterans with enormous personal interests in your decisions, you will be swayed a certain way.”  (Baseline Scenario)

“Taxing financial transactions on Wall Street is gathering support in high places.”  (WSJ)

“..as people lose their jobs, gambling and trading become American’s most honest, least rigged way to make a buck.”  (Howard Lindzon)

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