Quote of the day
Roger Nusbaum, “Bear markets start slowly over several months giving plenty of time to get out.” (Random Roger)
Chart of the day
Intel ($INTC) continues to plumb new depths. (Bespoke)
Markets
Why the market is rolling over: weaker earnings. (Money Game)
The most compelling argument for equities at present. (Pragmatic Capitalism)
The S&P 500 has been unable to mount 13x earnings since 2009. (Dr. Ed’s Blog)
Will the dividend cliff stop the rise in S&P 500 companies paying a dividend. (Political Calculations)
Are MLPs going to be a casualty of the fiscal cliff? (In Pursuit of Value, WSJ)
200 day moving average
Why has the 200 day moving average stopped working? (Mark Hulbert)
The Nasdaq Composite sits well below its 200 day moving average. (StockCharts Blog)
Strategy
On the nature of durable portfolio construction. (Systematic Relative Strength)
Unsolicited e-mails pitching stocks are safely ignored. (Aleph Blog)
Your trading style has to change with your stage of life. (Brian Lund)
There’s no Hippocratic Oath on Wall Street. (Forbes earlier Abnormal Returns)
Private companies
Dropbox is big: 100 million accounts big. (GigaOM)
A look at the financials of the much-hyped Bloom Energy. (Term Sheet)
What next for WordPress? Verticals. (Pando Daily)
Should startups go to conferences? (From the Crowd)
Companies
Google ($GOOG) ate the newspaper industry. (The Reformed Broker)
There is no shortage of Facebook ($FB) shares as another lock-up expires. (Bloomberg, Kid Dynamite)
Amazon ($AMZN) doesn’t like to tell people how its business is doing. (Quartz)
There isn’t much reason for Kmart to exist any more. (Businessweek)
Icahn vs. Hastings: a tale of the tape. (WSJ)
Finance
The most (and least) effective stock buyback programs. (Institutional Investor, ibid)
The last (and best) analysis of the Leucadia ($LUK)-Jefferies ($JEF) deal. (The Brooklyn Investor)
Financial products are coming to a big box retailer near you. (NYTimes)
Climate change is the new risk variable. (All About Alpha)
Just what constitutes a “high net worth” client these days? (Total Return)
Funds
One manager who does not mind holding a big slug of cash. (research puzzle pix)
The future of money market funds may very well be Treasury-only money market funds. (Focus on Funds)
Global
How’s the global economy doing post-trough? (FT Alphaville)
Why aren’t more central banks cutting rates? (Bonddad Blog)
Why has the UK recovery lagged the US? (Gavyn Davies)
The big assumptions underlying the forecasts surrounding energy in 2035. (Econbrowser)
Frontier investing exemplified: Myanmar. (beyondbrics)
Economy
The post-crisis US economy is doing alright: the politicians are at-risk of blowing it. (Money Game)
Retail sales declined in October. (Calculated Risk, Capital Spectator)
Does the Fed need ‘explicit policy goalposts’? (Tim Duy)
Earlier on Abnormal Returns
Announcing the end of our early morning linkfests. (Abnormal Returns)
Mixed media
The future of the book business is as a loss-leader. (Marginal Revolution)
The challenge of mainstream media blogging: the FT edition. (Felix Salmon)
Health
Fast food meals still pack a lot of calories. (medicalxpress via Mortality Sucks)
The health benefits of neuroticism. (The Atlantic)
The many ways in which working from bed is bad for your health. (WSJ)
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