Quote of the day

Naval Ravikant, “Money has karma too. And if you treat it badly, it will treat you badly. You have to be balanced about it. If you have a strong hand, you can have a strong outcome.”  (Pando Daily)

Chart of the day

PGP Total Return Price Chart

PGP Total Return Price data by YCharts

High premium closed-end funds are getting whacked.  (Focus on Funds)


Hedge funds were 40% net long going into the election.  (Money Game)

Downside pressure has been notable of late.  (chessNwine)

It’s the earnings, stupid.  (Pragmatic Capitalism)

Who’s to blame for the junk bond boom?  (Total Return)

The S&P 500 has retraced its gains from June.  (Market Montage)

The spread between the dividend yield on the S&P 500 and the 10-year Treasuries has blown out.  (Focus on Funds)

Checking in on the Gundlach reversion trades.  (Market Anthropology)


The best way to learn to trade is to teach.  (Howard Lindzon, StockCharts Blog)

Taking a closer look at the returns to a minimum variance portfolio strategy.  (iShares Blog)

The danger of knee-jerk reactions to potential fiscal cliff-related tax changes.  (NYTimes)

Predicting 10-year equity market returns using the Shiller P/E.  (Turnkey Analyst)

Do you bet on the jockeys or the horses?  (Points and Figures)

Is trendfollowing done?   (World Beta)


Qualcomm ($QCOM) now has a market cap larger than Intel ($INTC).  (YCharts Blog)

Twinkie maker, Hostess Brands to close.  (WSJ)

Google ($GOOG)

Why Google Voice beats Siri.  (Slate)

Google Maps is set to come back to iOS.  (WSJ)

How to be a master Googler.  (The Atlantic)


Tough to make money trading forex if there is little volatility.  (FT)

A look at the pressures facing interbank brokers.  (Economist)

European banks experience an investment banking dead cat profits bounce.  (The Source)

Direct real estate investments are more volatile than they appear at first glance.  (SSRN)


The reasoning behind the launch of the Pyxis/iBoxx Senior Loan ETF ($SNLN).  (IndexUniverse)

Index providers are going to have to add value in an era of increasing competition.  (IndexUniverse)


Better ways to play a rebound in China.  (Humble Student of the Markets also IndexUniverse)

Which country has a bigger reform issue: China or India?  (Time)

Hedge funds are betting big against corporate Japan.  (WSJ)

Then again, Japan does not have a water issue.  (Businessweek)


Still no sign of inflation.  (Calculated Risk)

Political uncertainty is not going away any time soon.  (FT Alphaville)

October industrial production was dinged by Hurricane Sandy.  (Calculated Risk)

Earlier on Abnormal Returns

Continuing your trading education through teaching.  (Abnormal Returns)


The main takeaway from John Del Vecchio and Tom Jacob’s What’s Behind the Numbers? A Guide to Exposing Financial Chicanery and Avoiding Huge Losses in Your Portfolio.  (IndexUniverse)

Christopher Bonanos’s Instant: The Story of Polaroid and how it resembles the story Apple today.  (Breakingviews)

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