Quote of the day

David Merkel, “In institutional portfolio management, the two hardest things to do are to buy higher than your last buy, and sell lower than your last sale.”  (Aleph Blog)

Chart of the day

EEMSPY_0813

Are emerging markets basing relative to the S&P 500?  (Minyanville)

Markets

Retail investors are bolting from emerging market funds.  (WSJ)

Component weights if the Dow were cap weighted.  (Avondale Asset)

A look at the rise in sovereign yields.  (Bespoke)

Investor sentiment has once again turned negative.  (Bespoke)

Strategy

The market ensures that risk factors ultimately burn out.  (Rick Ferri)

A first step on the rebalancing spectrum.  (Capital Spectator)

Gold is a big leveraged bet on lower real interest rates.  (Noahpinion)

Moving beyond volatility as a risk metric.  (IndexUniverse)

Companies

How is Hewlett-Packard ($HPQ) managing the decline of the PC?  (Quartz, AllThingsD, NYTimes, WSJ)

Keep the fracking companies on your radar.  (Dynamic Hedge)

A look at what drives Apple ($AAPL) revenues.  (Asymco)

Finance

Hedge funds have some explaining to do for this year’s performance.  (MoneyBeat, ibid)

Why hedge fund seeding has become a mainstream strategy.  (Institutional Investor)

Goldman Sachs ($GS) gets a pass on some “erroneous trades.”  (Points and Figures, WSJ, FT)

Funds

How bond fund investors will act in an era of rising interest rates.  (Felix Salmon)

How fund expenses are indicative of future fund returns.  (Rekenthaler Report)

The Market Vectors Low Volatility Commodity ETF nears launch.  (IndexUniverse)

Global

The Eurozone recovery seems to be taking hold.  (Business Insider)

The Southeast Asian unwind continues.  (Marginal Revolution, MoneyBeat, CNBC)

Eastern Europe is relatively unscathed this time around.  (MoneyBeat)

Raghuram Rajan doesn’t have a lot of time to save the rupee.  (Quartz, FT)

Inflation ain’t what it used to be.  (Fatas and Mihov)

Economy

Weekly initial jobs claims are still pointing towards economic growth.  (Calculated Risk, Bonddad Blog, Capital Spectator)

The Fed minutes don’t tell us much about when the Fed will taper.  (FT Alphaville, RTE)

Why aren’t Americans moving to where the jobs are located?  (Slate)

Earlier on Abnormal Returns

What you may have missed in our Wednesday linkfest.  (Abnormal Returns)

Mixed media

Why hyperlocal is such a tough nut to crack.  (Fortune)

Most of us don’t focus enough. A review of The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller.  (Aleph Blog)

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