Friday links: slow capital

• abnormalreturns
• October 30th, 2009

“In summary, there are always uncorrelated assets, but they are unlikely to maintain the same correlation throughout all market cycles due to the fact that all market cycles are different.”  (The Pragmatic Capitalist)

ETNs are expensive to trade.  (IndexUniverse)

David Merkel, “Bond indexes are what they are.  They represent the average dollar invested in the bond markets.  Those that say that the indexes are flawed miss the point.”  (Aleph Blog)

Flows into junk bond mutual funds are helping push yields lower.  (BusinessWeek)

Is HFT driving market correlations higher?  (FT Alphaville)

Taking a closer look at the newish equity-based commodity ETFs.  (IndexUniverse)

“In other words, the Sharpe ratio has no validity as a forward-looking investment decision tool.”  (All About Alpha)

Mutual fund inflows finally come to equity funds.  (Money & Co.)

Brett Steenbarger, “If you’re fighting a trend, you’re defending your view.”  (TraderFeed)

Seven lessons gleaned from the late great Jesse Livermore.  (Minyanville)

The gates are open again at the Citadel Group.  (WSJ, Dealbreaker)

Why China’s stock market is so volatile.  (Deal Journal also The Money Game)

Has the IPO window shut already?  (Zero Hedge)

What’s a banker worth? Less.  (Time also Curious Capitalist)

Floyd Norris, “Why are financial industry paychecks so big?”  (NYTimes)

Why aren’t banks using the opportunity to raise more equity?  (Economist)

How the Feds could have obtained a haircut on AIG (AIG) CDS contracts.  (Epicurean Dealmaker)

With 3Q GDP figures in the rear view mirror:  Is the recession over?  (Calculated Risk, Mean Street, WSJ, Economist’s View, The Stash, Floyd Norris, Econbrowser, Free exchange, DJ Market Talk)

The case against Starbucks (SBUX) and its “overpriced, sticky-sweet goo passed off as coffee.”  (Minyanville)

It turns out that the vitamin business is counter-cyclical.  (Slate)

(Legal) testosterone is now a $1 billion business.  (BusinessWeek)

Reduced leverage, smaller deals and lower returns mean a much smaller private equity industry.  (Economist)

The basic tenets of “slow capital.”  (A VC)

Some good advice on blogging from an interview with Mark S. Ament of SportsBiz.  (Newstex)

Congratulations to Barry Ritholtz on his 50 millionth visitor.  (Big Picture)

Twitter list mentions are the new re-tweet. (Mediaite)

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