Quote of the day

Derek Hernquist, “I’m not a believer in the “greed” idea; the great motivator is FEAR.  Fear of loss, fear of missing out, and fear of looking stupid are very natural feelings of which we should not be ashamed.”  (Derek Hernquist)

Chart of the day

Stocks vs. Bonds.  (All Star Charts)


Accumulating signs of a turn in market tone.  (The Reformed Broker)

A look at the market’s pullback to-date.  (VIX and More)

Bullish sentiment is plumbing recent lows.  (Bespoke)

High yield bonds have broken support.  (The Reformed Broker)

Cyclicals are cheaper than they were during last year’s double-dip talk.  (Money Game)


RIP, the first day of the month effect?  (MarketBeat, Ticker Sense)

A closer look at REIT yields.  (Aleph Blog)

How to invest in the face of a disaster.  (Empirical Finance Blog)

On the non-linear demand for the US dollar.  (The Source)


A look at the conglomerate that is Liberty Global (LBTYA). (Cautious Bull via @GeoffGannon)

Payday lenders are the new “banks of America.”  (Wall St. Bean)

A look at the good, bad and very ugly of Yoku (YOKU).  (Stone Street Advisors)

For-profit colleges win a reprieve.  (FT Alphaville, MarketBeat)


John Gapper, “There ought to be a better way to handle popular IPOs that attract a lot of bids from retail investors as well as institutions.”  (FT)

Paul Kedrosky, “The whole point of venture capital is to create and ride bubbles. To pretend otherwise is hopelessly silly, not to mention naive.”  (Bloomberg)

IPOs need not ruin a technology company.  (SAI)

Want to invest in Joe’s Pizza?  You can.  The revival of the local stock exchange.  (WSJ)


Goldman Sachs (GS) catches a subpoena from the Manhattan DA.  (Dealbook, NetNet, Fortune)

The big banks are cleaning up in commodities trading these days.  (WSJ)

Don’t buck the party line if you want to stay on the sell-side.  (ProPublica)

Wall Street: Ivy Leaguers need only apply.  (CNNMoney, Clusterstock, Dealbreaker)

Hedge funds

Is 2&20 the root of all evil?  (Pension Pulse)

Hedge funds can’t beat the S&P 500 but continue to garner assets.  (Focus on Funds)

A transcript of the David Einhorn speech at the Ira Sohn Conference.  (Insider Monkey)


Europe’s kicking the can down the road will end badly.  (Felix Salmon)

It’s time for Europe to cut its losses and dump the Euro.  (Curious Capitalist, Megan McArdle)

Mongolia is making every one of its citizens a shareholder in a new mining venture.  (WSJ)


Initial unemployment claims remain above 400,000.  (Calculated Risk, Capital Spectator)

Why would anyone call for QE3?  (Pragmatic Capitalism also Free exchange)

QE2 doesn’t end until the Fed normalizes its balance sheet.  (A Dash of Insight)

A look at rail traffic.  (ValuePlays, Pragmatic Capitalism)

A closer look at the factors behind productivity growth (or not).  (EconomPic Data)

Earlier on Abnormal Returns

Farmland prices are on the rise around the globe but publicly traded vehicles are a poor substitute.  (AR Screencast)

What you missed in our Thursday morning linkfest.  (Abnormal Returns)

Mixed media

John Gruber, “Windows 8 is trying to have it all, and I don’t think that can be done. You can’t make something conceptually lightweight if it’s carrying 25 years of Windows baggage.”  (Daring Fireball)

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