Quote of the day

Gideon Rachman, “The moral of the story is that the rise of non-western economies is a deeply rooted historic shift that can survive any number of economic and political shocks. It would be a big mistake to confuse a temporary crisis with a change to this powerful trend.”  (FT)

Chart of the day


The Dow hasn’t done much in the past eight months. (Short Side of Long also Afraid to Trade)


Why Monday was a big deal.  (Dragonfly Capital, Bespoke)

Some sentiment measures.   (Business Insider, Chicago Sean, Bespoke)

With volume comes volatility.  (The Reformed Broker)

More evidence that Millenials have no great love for stocks.  (Barron’s)


Ben Carlson, “It doesn’t necessarily matter how often you are right when picking stocks. What matters is the magnitude of the investment you make when you are right or wrong.”  (A Wealth of Common Sense)

Technology still looks strong.  (BCA Research)

Non-correlation does not mean negatively correlated.  (Attain Capital)


Behind the scenes Apple ($AAPL) is building its own content delivery network.  (WSJ)

Apple and Samsung are bifurcating even more.  (stratechery)

Wal-Mart ($WMT) is increasingly looking like a turnaround situation.  (Economist)

Microsoft ($MSFT) has a new CEO.  (The Verge, Quartz, BW)

IBM ($IBM) is not above using a Dutch tax dodge.  (Bloomberg)


Cov-lite loans make up a majority of leveraged loans.  (Leveraged Loan)

Venture debt is now getting the ABS treatment.  (FT)

Why the Post Office needs to compete with the banks.  (Felix Salmon)


Japan’s stock market has pierced its 200 day moving average.  (FT Alphaville, Focus on Funds)

Capital controls don’t work. How about cooperation?  (Pieria via FT Alphaville)

Are emerging market bonds now a bargain?  (FT)

How will emerging markets do in a QE-free world?  (WSJ)

Three truths about emerging market investing.  (iShares BLog)


Did Bernanke taper too soon?  (Tim Duy, Phil Pearlman)

The ISM manufacturing number wasn’t that bad.  (Sober Look)


Did the US auto boom hit a wall in January?  (FT, Calculated Risk)

Is car culture really dying?  (Quartz)

Earlier on Abnormal Returns

What you missed in our Monday linkfest.  (Abnormal Returns)

Mixed media

Genuine apologies are tough to find these days.  (Dealbook)

Why we should teach statistics instead of calculus in high school.  (Arnold Kling)

On the correlation between wine consumption and academic performance.  (Free exchange)

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