Quote of the day

“Buying doubt is the best recipe for profits, and is the bridge to all successful styles.”  (Derek Hernquist)

Chart of the day

Big divergences in the last 90 days for the bond market.  (dshort)

Markets

Nothing to write home about in the land of VIX.  (InvestorPlace)

Money continues to flow out of muni bond funds.  (Barron’s)

Live by the gold, underperform by the gold.  (Dealbook)

Strategy

Shorting is tough.  Keep these rules in mind.  (Big Picture)

Finding the next high growth company is more difficult than it looks.  (YCharts Blog)

Some thoughts on testing financial predictions.  (Portfolio Probe)

On the benefits of having a real job for the minimalist trader.  (The Minimalist Trader)

Fund management

It’s the cover-up not the crime.  Quant firm AXA Rosenberg gets hit with a big fine.  (WSJ, Dealbook, FT Alphaville)

Advisors and institutions continue to favor alternative investments.  (All About Alpha)

Don Phillips, “The case for indexing, while strong, has been significantly overstated.”  (Morningstar)

Outside investors, who needs them?  (market folly)

Brokers are not fiduciaries.  (Leigh Drogen)

Global

What Spain can learn from Ireland.  (Felix Salmon, Alea)

Singapore vs. Hong Kong:  the battle for stock exchange supremacy.  (Dealbook)

Indonesia joins the crowd rushing to raise benchmark interest rates.  (beyondbrics)

Rising commodity prices are making life more difficult for central bankers.  (Gavyn Davies)

Economy

A number of moving parts in today’s non-farm payroll numbers.  (Calculated Risk, ibid, Bespoke, Felix Salmon, Real Time Economics, Economix, Curious Capitalist, Atlantic Business, DJ Market Talk)

Rail traffic remains robust.  (Pragmatic Capitalism)

Still little sign of inflation in the labor market.  (Pragmatic Capitalism)

America officially jumped the shark in 1986.  (Global Macro Monitor)

Also on Abnormal Returns

Is the long term bond bull market over?  (AR Screencast)

ARTV with a wide-ranging look at financial blogging including the debate about the merits of pseudonymous blogging.  (Abnormal Returns)

Our Friday morning link look-in.  (Abnormal Returns)

Errata

Howard Lindzon talks with Andy Kessler about his new book, Eat People.  (Howard Lindzon)

The psychology of lotteries.  (The Frontal Cortex)

Another reason why beer is good.  (Scientific American)

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