Quote of the day
Joshua Brown, “The first thing you need to know is that there are less opportunities in the stock market than there were one year ago and significantly less than there were during the year prior.” (The Reformed Broker)
Chart of the day
Why everyone is so optimistic about the global economy. (@gavyndavies)
Markets
On the risks of rapid economic growth. (Humble Student)
On the prospect for a market melt-up. (Dr. Ed’s Blog)
On the the dichotomy in investor sentiment. (Joe Fahmy)
Bonds
The case for a rebound in TIPS in 2014. (Market Anthropology)
What happens if investors stop pulling money out of muni bond funds. (The Tell)
Will 2014 see investors start to pull money from bond funds? (FT Alphaville)
Why target date bond ETFs are worth a look. (Random Roger)
Strategy
Do you want to live to invest or invest to live? (Random Roger)
How to move away from an all-cash portfolio. (Phil Demuth)
Adam Grimes, “Most of the serious damage I’ve seen done by biases comes from using biases outside of your timeframe.” (Adam Grimes)
Devising rules is easy. Sticking to them is hard. (Systematic Relative Strength)
Resolve to keep your trading systems simple. (SMB Training)
Don’t overrate your “investment theology.” (research puzzle pieces)
Companies
What Apple ($AAPL) might actually reveal product-wise in 2014. (Quartz)
How Facebook ($FB) learned to make money. (WSJ)
Finance
Merrill Lynch Pierce Fenner & Smith would have been 100 years old today. (Barry Ritholtz)
Why hedge funds aren’t jumping into mainstream advertising yet. (FT)
The NYSE is besting the Nasdaq for tech IPOs. (WSJ)
Why its hard to pick smart hedge fund managers from year to year. (FT Alphaville)
Funds
More players jump into the liquid alternative game in a big way. (NetNet also FT)
A look at the bull market in passive investing. (Morningstar)Is low vol just value investing in disguise? (Crossing Wall Street)
Calamos Asset Management ($CLMS) is leaking assets. (Crain’s Chicago)
The WisdomTree Bloomberg US Dollar Bullish Fund ($USDU) is a better dollar vehicle. (IndexUniverse)
Global
Euroland’s PMI are pointing towards a better first quarter. (FT)
Spain’s economy is finally turning around. (Business Insider)
Economy
Leading indicators and the case for decelerating growth in 2014. (Bonddad Blog)
Rail traffic is at a 2.5 year high. (Pragmatic Capitalism)
What Henry Ford was playing the “long game” on worker pay. (Daniel Gross)
Can the Fed keep market expectations for tapering from getting away? (Tim Duy)
Earlier on Abnormal Returns
What you missed in our Sunday linkfest. (Abnormal Returns)
Mixed media
Jim Cramer in his new book talks about preventing financial mistakes. (Forbes)
When blogging write for yourself. (Matt Mullenweg)
Psychopaths make for bad investors. (FT)
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