Quote of the day

Ivanhoff, “If you intend to be in this business long time, you have to find a hassle-free way to manage your portfolio.”  (Ivanhoff Capital)

Chart of the day

Shares in PayPal, um eBay ($EBAY), just high a six-year high.  (Bespoke)


A look at monthly market returns in Presidential election years.  (CXO Advisory Group)

A neat comparison of how correlations have changed pre- and post-Lehman Brothers.  (FT Alphaville)

Depending how you look at it stocks are cheap, fairly valued or rich. You make the call.  (Brett Arends)

The case for deflation in charts, Gary Shilling style.  (YCharts Blog)

Stock correlations have only one way to go at the moment: up.  (MarketBeat)

Visualizing bear markets.  (MarketSci Blog)


Lower fees are “the most sustainable alpha.”  (AR+Hedge)

Don’t invest from 40,000:  the case for fundamental analysis.  (Crossing Wall Street)

Mean reversion favors equities vs. bonds, but when?  (Buttonwood)

On the need to balance structure and creativity in investment processes.  (the research puzzle)


The best trader I have ever known.  (Stock Sage)

30 pearls of wisdom from real trader.  (Brian Lund)

Options guys worth following on Twitter.  (Adam Warner)


How Apple ($AAPL) can keep growing.  (Daring Fireball)

Retail comparisons: Apple vs. Best Buy ($BBY) vs. Amazon ($AMZN).  (SplatF)

Is the ‘Buffett premium‘ in Berkshire Hathaway ($BRKB) shares now gone?  (Term Sheet)

IPO energy: Tumi ($TUMI) and Splunk ($SPLK) soar out of the gate.  (Deal Journal, ibid)


No matter the circumstances, should a company, hint Chesapeake Energy ($CHK), ever loan its CEO over a $1 billion?  (WSJ, Kid Dynamite)

A more rational Argentina would have waited, after much needed investments, to nationalize YPF ($YPF).  (FT, Finance Addict)


Why hasn’t software eaten finance (healthcare & education) already?  (Pando Daily)

What is Citigroup’s ($C) next move pay-wise.  (Dealbook)

How banks rate other banks.  (Bespoke)

Coincidence? The two big custody banks are seeing lower forex revenues.  (WSJ)

In search of “permanent capital” Bill Ackman plans a big launch for a publicly traded hedge fund vehicle.  (FT)

Defining who is a “swaps dealer” according to the SEC/CFTC.  (HuffingtonPost)


It’s now a two-way race in the emerging market corporate bond ETF space. (IndexUniverse)

Are these really the worst ETFs ever?  (Random Roger)

Be aware of the double taxation on MLP ETFs.  (Invest With An Edge)


German and Japanese bond yields have converged.  (Buttonwood)

India can’t generate enough electricity.  (NYTimes)

China is going to grow old before it grows rich.  (Credit Writedowns)


Weekly initial jobless claims come in higher than expected.  (Calculated Risk, Capital Spectator)

Believe it or not debt levels are falling.  (Floyd Norris)

CPI detractors are a persistent lot.  (Bloomberg)

Earlier on Abnormal Returns

Don’t dip your portfolio in the company inkwell.  (Abnormal Returns)

A handful of feel good links that show good stuff is still happening. (Abnormal Returns)

The Abnormal Returns book is real, and in print, and wending its way to a bookstore near you.  (Amazon)

How the sausage gets made at Abnormal Returns.  (Abnormal Returns)

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

Mixed media

Jonah Lehrer, author of Imagine: How Creativity Works, on the Charlie Rose.  (Charlie Rose via Frank Voisin)

For mobile workers hotel lobbies are the new Starbucks.  (WSJ)

The 25 best songs for the year-to-date. (Paste)

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