Monday links: judging deals

Quote of the day

John Hempton, “A private equity firm is to be judged by the deals they walk away from.”  (Bronte Capital)

Chart of the day

7b5e8fa0c6847a6200eea4bbb3c36f23 Monday links:  judging deals

ARCT data by YCharts

An interesting REIT pairs trade.  (Capital Observer)

Markets

Time to rotate into Europe and emerging markets?  (Money Game)

Investors have rotated hard out of utilities.  (Bespoke)

$VIX watching is a new market obsession.  (YCharts Blog, The Reformed Broker)

There is a furious bull market in hay.  (FT)

High yield bonds

Investors like big high yield bond issues.  (Sober Look)

People are throwing the bubble word around in regards to junk bonds.  (Time, Income Investing)

Strategy

John Bogle’s ten rules for investing.  (CBS News)

We don’t do a good job dealing with low probability, high impact events.  (Above the Market)

On the similarities between golf and trading.  (Crosshairs Trader)

Ponzi schemes

Know what a Ponzi scheme is before you accuse some one of running one.  (The Reformed Broker)

Why Ponzi schemes continue to work.  (Newsweek)

Books

Eric Falkenstein’s new book The Missing Risk Premium: Why Low Volatility Investing Works  is out.  (Falkenblog)

Michael Mauboussin’s behavioral finance reading list including Thinking Fast and Slow by Daniel Kahneman.  (Simoleon Sense)

A positive review for Ludwig B. Chincarini’s Crisis of Crowding: Quant Copycats, Ugly Models, and the New Crash Normal.  (Reading the Markets)

Is Jeremy Siegel’s Stocks for the Long Run the worst-timed book ever?  (Big Picture)

Companies

We are in the give-up phase with Groupon ($GRPN).  (WSJ), Marketblog)

Are today’s Silicon Valley incumbents too strong to allow for many innovative companies?  (Dealbook)

Robert Rodriguez is bottom fishing in the for-profit education sector.  (YCharts Blog)

Manchester United ($MANU) is attracting short-sellers.  (FT Alphaville)

Finance

The CME Group ($CME) is set to launch a European exchange.  (WSJ)

Corporate profits are manipulated more now than ever.  (FT)

The art of the conference call.  (Investing Caffeine, Pragmatic Capitalism)

Banks heart Treasuries.  (Bloomberg)

ETFs

Why index fund portfolios reign supreme.  (Rick Ferri)

Survivorship bias affects ETF backtesting as well.  (ETF Replay)

Russell Investments is closing a whole slew of ETFs.  (IndexUniverse, Focus on Funds)

Global

Investors have “Russia fatigue.”  (beyondbrics)

Why China’s stock market is trading at new lows.  (Money Game)

Norway’s SWF wants to take on more long-term risk.  (FT)

Economy

Current data is not pointing towards a recession.  (Capital Spectator)

The Chicago Fed National Activity Index continues to rise below trend.  (Calculated Risk, Carpe Diem)

On the various flavors of uncertainty holding back an economic recovery.  (Gavyn Davies)

Why fiscal brinksmanship is bad for the economy.  (FT)

James Surowiecki, “The U.S. is excellent at importing cheap products from the rest of the world. Let’s try importing some human capital instead.”  (New Yorker)

Earlier on Abnormal Returns

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

Mixed media

The story of Hulu is one filled with contradictions.  (Fortune, AllThingsD)

The universal appeal of the iPad.  (Asymco)

Why you should give your staff June off.  (NYTimes)

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