Quote of the day

Joe Fahmy, “The second you get cocky and think you are good, the market has a unique way of humbling you.”  (Joe Fahmy)

Chart of the day

NSGE_0113

Forecast returns for a 60/40 portfolio over the next decade.  (Buttonwood, ibid)

Markets

Investors are exiting “structural safe havens.”  (Mark Dow)

Bond market top alert: PIMCO is building a sumptuous new headquarters.  (Calculated Risk)

Is the individual investor finally back?  (A Dash of Insight)

The equal-weighted S&P 500 has been outperforming for some time now.  (Bespoke)

The 10-year Treasury note just saw its yield exceed 2%.  (FT Alphaville)

Strategy

The value trap in gold miners.  (Market Anthropology)

Six ways we make bad financial decisions.  (Globe and Mail)

Balanced portfolios for balanced lives.  (Rick Ferri)

There are simpler ways than aggressive investing to create a better retirement.  (Mortality Sucks)

Companies

Is Nokia ($NOK) the new Research in Motion ($RIMM)?  (The Reformed Broker)

Caterpillar ($CAT) earnings as a global Rorschach test.  (Quartz)

How Tivo ($TIVO) returned to investor favor: patents. (Fortune)

A couple of big, cheap financials.  (The Brooklyn Investor, ValuePlays)

Apple

Does Apple ($AAPL) need to do a levered recap?  (TechInsidr)

If you are a value investor you need to look at Apple.  (Musings on Markets)

Some subtleties you may have missed in the Apple earnings report.  (Apple 2.0)

Michael Moritz, “It is difficult to think of a company of the past 50 years whose influence and ingenuity have been as profound or widespread as the one formerly known as Apple Computer, Inc. ”  (FT)

Finance

High tech, high touch: a new approach to stock trading.  (WSJ)

Wall Street is experiencing a talent drain.  (Reuters)

ETFs

The more things change, the more they stay the same: people herd.  (The Reformed Broker)

Look to high yield bond funds for the next crisis.  (Quartz)

Money market fund managers are jockeying to avoid burdensome regulation.  (Bloomberg, Morningstar)

Global

Everyone hates the Yen and the Pound.  (Money Game, RTE)

Russia: privatization 2.0.  (beyondbrics)

Trends

How robots will save developed market manufacturing.  (NYTimes)

Cheap solar energy is pretty much going to change everything.  (Noahpinion)

Before we can have driverless cars we need a legal system to handle them.  (WSJ)

Economy

A surprising jump in December durable goods.  (Pragmatic Capitalism, Capital Spectator)

The housing rebound is beginning to spillover into related sectors.  (WSJ)

Behold the stunning decline in consumer debt service ratios in past five years.  (The Reformed Broker)

Mixed media

A nice profile of Bill McBride of Calculated Risk.  (LATimes)

All the fitness apps in the world won’t make us thin.  (Pando Daily)

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