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Quote of the day

Marcus Aurelius, “[M]ost of what we say and do is not essential. Eliminate it, you’ll have more time and more tranquility. Ask yourself, is this necessary.”  (Farnam Street Blog)

Chart of the day

XLE Total Return Price data by YCharts

Energy stocks and crude oil are out of synch.  (Charts etc.)

Markets

While no one was looking the muni bond market rallied. (YCharts Blog)

Five year projections for the US stock market are none too attractive.  (Mark Hulbert)

The market is still overbought.  (The Short Side of Long)

The market is moderately overvalued.  (Doug Kass)

Checking in on the gold miners.  (Market Anthropology)

Companies

Apple ($AAPL) takes a swipe at Micrsosoft ($MSFT) with free OS.  (Fast Company, Wired, BW)

Apple is making iWork free taking on Office.  (Bits, MacWorld)

When will Apple start caring about tablet competition?  (Buzzfeed Business)

Remember OpenTable ($OPEN)?  (Pando Daily)

Warren Buffett

Why Warren Buffett passed on the Washington Post.  (Fortune)

Warren Buffett on the importance of luck in life.  (Business Insider)

Why you should read: The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by William Thorndike Jr.. (The Brooklyn Investor)

Finance

Individual investors don’t seem to be all that hot for the Twitter ($TWTR) IPO.  (WSJ)

Twitter scores itself a $1 billion credit line. (MoneyBeat)

Blackstone Group ($BX) has a lot of IPOs “in the hopper.”  (WSJ)

Daniel Loeb, among others, is giving investors back some capital.  (Dealbook, Zero Hedge)

How the carried interest benefit may get nixed via the back door.  (Dealbook)

Funds

Fidelity’s new sector ETFs are set to launch.  (Focus on Funds, InvestmentNews)

Fund companies are coming up with new twists on low vol.  (FT)

The world has a new investment benchmark.  (The Reformed Broker)

Economy

High income Americans continue to spend.  (WSJ)

Monthly jobs reports are by definition noisy.  (Real Time Economics)

Chemical shipments show continued economic growth.  (Calculated Risk)

Why the Fed doesn’t have the ammunition to taper.  (Tim Duy)

Earlier on Abnormal Returns

Investing as a hobby.  (Abnormal Returns)

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

Mixed media

Local microbreweries are growing up and not everyone likes it.  (Time)

People who play team sports are more likely to get hired.  (Quartz)

Seth Godin, “Growth is messy and dangerous.”  (Seth Godin)

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