Friday links: a costly illusion

• abnormalreturns
• August 17th, 2012

Quote of the day

David Futrelle, “We all want to believe that we have an edge, if not in picking stocks than at least in picking those who will pick our stocks — even if in our heart we know it’s all an illusion.”  (Time)

Chart of the day

SPY Total Return Price data by YCharts

Major equity indices, based on total returns, are once again near all-time highs.  (Crossing Wall Street, World Beta)

Markets

Rising rates are making dividend stocks less attractive.  (Bespoke)

The demand for corporate credit for the moment is insatiable.  (FT)

A look at what happens to various asset classes when stocks tank.  (VIX and More)

Signs that the world (and markets) are not coming to an end.  (Calafia Beach Pundit)

Strategy

Bill Gross doesn’t understand QE.  (Money Game)

Six signs you are dealing with a financial fraud.  (Crossing Wall Street)

If CEOs aren’t driven to build shareholder value, then what?  (Justin Fox)

Finance

A guide to “global macro tourists.”  (Macro Man)

The futures industry is seriously considering an insurance fund to backstop customer accounts.  (WSJ)

Fannie and Freddie Mac are done paying preferred dividends.  (FT Alphaville)

ETFs

Are high yield bond ETFs distorting the junk bond market?  (Institutional Investor)

Just how are $VIX ETPs distorting the $VIX futures market?  (Condor Options)

More covered call ETFs are coming to the US market.  (FT)

Global

Canadian stocks are moving higher.  (StockCharts Blog, ETFdb)

Canada is not a model for Europe.  (Economist’s View)

Russia is becoming an even more arbitrary, autocratic state.  (beyondbrics)

Economy

The double barrel economic stimulus of housing and autos.  (Calculated Risk)

Economic strata and stress.  (Big Picture also The Atlantic)

How changing demographics account for slower economic growth.  (Economix)

High unemployment looks to be a structural thing.  (Sober Look)

Rail traffic is growing albeit slowly.  (Pragmatic Capitalism)

Earlier on Abnormal Returns

What you missed in our Friday morning linkfest.  (Abnormal Returns)

Apple

Can Apple ($AAPL) disrupt TV with a new cable box?  (WSJ, ibid)

How Apple can win over the TV consumer.  (TechCrunch)

Are Apple Stores overstaffed?  (Asymco, GigaOM, DF)

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