Quote of the day
Erik Swarts, “One of the great paradoxes of the post millennium financial construct is the higher the equity markets extend themselves, the greater their vulnerability to monetary and fiscal interference.” (Market Anthropology)
Chart of the day
The Canadian dollar is at new highs. (Globe and Mail)
Video of the day
A special Momentum Monday with Barry Ritholtz. (Howard Lindzon)
Strategy
Low options volatility make strategies, like stock replacement strategies, make sense. (Tyler’s Trading, EconomPic Data)
Every intraday trader should have a routine for their post-market review. (SMB Training)
During the credit cycle keep an eye on issuer quality and less on aggregate issuance. (SSRN)
Companies
Apple ($AAPL) is no longer a computer company. (Asymco, ibid)
InterDigital ($IDCC) is a winner in tech patent wars. (Bloomberg)
Ford ($F) reports decent numbers. (Bloomberg, Crossing Wall Street)
Looking at the books of Tesoro ($TSO). (Frank Voisin also FT)
Is Goldman Sachs ($GS) doing its share buybacks incorrectly? (Fortune)
Funds
More talk of reforming money market mutual funds to make them more resilient in times of stress. (Reuters)
Two different takes on Motif Investing. (Infectious Greed, Random Roger)
An ETF incubator is set to accelerate the launch of new ETFs. (IndexUniverse)
Securities lending is not a risk-free endeavor for ETFs. (IndexUniverse)
Finance
Ignore the whining about increased bank capital requirements. (Dealbook, Dealbreaker)
Is it time to abolish the AAA-rating? (Felix Salmon)
Ratings agencies let the size/status of MBS issuer influence their ratings. (Freakonomics)
Another big hedge fund manager, Izzy Englander, is considering selling a minority stake. (WSJ)
George Soros is returning money to outside investors. (Bloomberg, Big Picture)
Want a job at a hedge fund? Go to these schools. (FINalternatives)
Economy
The Case-Shiller home price index shows improvement in May. (Calculated Risk)
More slowing ahead for the US economy. (Pragmatic Capitalism)
Mark Thoma, “Economics has lost the connection between the practitioners and the academics.” (Reuters, Economist’s View)
Don’t count on the markets to push Washington to a debt deal. (Daniel Gross)
One bright spot for American consumers: cheaper drug prices. (Business Insider)
Dry weather is set to push corn prices higher. (Scientific American)
Earlier on Abnormal Returns
What you missed in our Tuesday morning linkfest. (Abnormal Returns)
Keep an eye on WisdomTree Investments ($WETF) as a pure play on the rapidly growing ETF industry. (Abnormal Returns)
Mixed media
New York Times vs. the Financial Times: battle of the paywalls. (Felix Salmon)
What to do if you are behind in your savings goals. (Bucks Blog)
Lessons learned from the other side. (The Reformed Broker)
Luxury cars prove to be a fleeting pleasure. (NYPost)
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