Quote of the day

Brian Lund, “At the end of the day, trading is one of the rare businesses where ONLY YOU DECIDE THE AMOUNT OF RISK YOU ARE WILLING TO TAKE.”  (bclund)

Chart of the day

Gold bugs in retreat.  (chessNwine)

Markets

The Facebook ($FB) IPO and the prospects for a proximate market top.  (Dynamic Hedge)

Recent IPOs are outperforming YTD.  (Bespoke)

New highs-new lows are rolling over.  (Covestor Blog)

Erik Swarts, “Can the U.S markets decouple from the world as it appears to be going into a slowdown?”  (Market Anthropology)

A USDA report lights a fire under grain prices.  (MarketBeat, Climateer Investing)

Strategy

Trade single-product biotechs at your own risk.  (Phil Pearlman)

Are you really diversified?  (dshort)

Non-traded REITs are a “non-starter.”  (InvestmentNews)

Credit spreads as a stock market indicator.  (CXO Advisory Group)

Personal finance

Retirement planning error number one: not saving for retirement.  (Josh Brown)

Your financial adviser might be a lemon.  (Moneyland also Rick Ferri)

How to overcome confirmation bias.  (LearnVest)

Financial well-being is distinct from income.  (voxEU)

Social media

Hey Wall Street, “social media is about sharing real things with real people.”  (I Heart Wall Street)

How traders interact given their recent performance.  (SSRN via @frankpartnoy)

Companies

Research in Motion ($RIMM) is giving up.  (Asymco also Eric Jackson)

A pairs trade in burger land.  (SumZero)

Finance

The world is getting wired for ever faster trading.  (Businessweek)

The rise of the prepaid debit card.  (Felix Salmon)

Hedge funds

Ray Dalio tops the list of highest hedge fund earners. (FT, Institutional Investor)

Don’t expect a flurry of hedge fund advertising.  (Dealbook)

Oaktree Capital is set to go public.  (Deal Journal, Dealbook)

ETFs

Stephen J. Lubben, “In short, an E.T.N. can be seen as a total return swap, sold to retail investors, that lacks all of the regulatory innovations that have developed over the past few years. What could possibly go wrong?”  (Dealbook)

Who gave up the $BOND ticker to Pimco?  (Total Return)

The world’s cheapest ETF portfolio has gotten cheaper.  (IndexUniverse)

Global

The BRIC nations are throwing their weight around at the IMF.  (FT)

All the factors working against the Australian dollar.  (FT Alphaville)

Euro debt is still not attracting much confidence.  (MarketBeat)

Is China slowing faster than previously thought?  (Sober Look)

The Indian economic slowdown illustrated.  (FT Alphaville)

How quickly should the world’s government reduce fiscal deficits?  (Gavyn Davies)

Economy

American consumers are spending more, saving less.  (Calculated Risk, Capital Spectator)

Still no inflation here.  (Tim Duy)

Landlords are the new robber barons.  (Money Game)

The housing recovery is taking hold.  (Phil Pearlman)

The upside of high unemployment.  (Bryce.vc)

Earlier on Abnormal Returns

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

Mixed media

What are the long term benefits of doping for athletes?  (Slate)

How does HBO make money on expensive shows with such seemingly small viewership?  (Slate)

Everything is too damn long.  (Seth Godin also Henry Blodget)

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