Quote of the day

Neil Irwin, “Welcome to the Everything Boom — and, quite possibly, the Everything Bubble. Around the world, nearly every asset class is expensive by historical standards.”  (The Upshot)

Chart of the day

High momentum names like Netflix ($NFLX) are taking it on the chin today.  (MoneyBeat)

Markets

Welcome to the fourth phase of the bull market.  (Dr. Ed’s Blog)

How the sector composition of the S&P 500 has changed over time.  (Quartz)

Asian stock markets are setting up to move higher.  (Peter L Brandt)

Strategy

DH, “When a trade is so conclusive, crowded, and consensus in one direction, it becomes VERY interesting.”  (Dynamic Hedge)

Ben Carlson, “It’s always been a difficult task [beating the market] over long time frames, but the increase in skill and competition makes it much harder now than it was in the past.”  (A Wealth of Common Sense)

Simon Lack, “Companies that return more cash to shareholders have less to squander on ill-judged investments, and the shareholders ultimately benefit.”  (SL Advisors)

Michael Batnick, “I guarantee…Whichever metric nails the top is going to be random and unknown before hand.”  (Irrelevant Investor)

Companies

How SunEdison ($SUNE) turned around with the help of an activist investor.  (Dealbook)

Checking in on smartphone market penetration.  (Asymco)

Finance

Activist hedge funds have risen to the top of the pack.  (WSJ)

Blackrock ($BLK) is still America’s largest money manager.  (Institutional Investor)

There is a buyer’s market for golf courses.  (Dealbook)

Financial media

Barry Ritholtz is hosting a series of extended interviews with some of finance’s most powerful players.  (Big Picture)

Cullen Roche’s first book Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance is now available.  (Pragmatic Capitalism)

Meb Faber talks Global Value: How to Spot Bubbles, Avoid Market Crashes, and Earn Big Returns in the Stock Market at Google.  (Meb Faber Research)

Economy

Why low volatility (and uncertainty) is good for the economy.  (Tim Harford)

Job openings are on the rise.  (Real Time Economics)

Small business owners are tempering their optimism.  (Bespoke)

Luck matters: why it is good to be born 20 years before an economic boom.  (Bloomberg View)

Earlier on Abnormal Returns

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

Mixed media

RIP: the cupcake bubble.  (Quartz also The Reformed Broker)

On the changing nature of the classic rock radio genre.  (FiveThirtyEight)

The best 25 movies of 2014 year-to-date.  (Paste)

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