Monday links: natural monopolies

Quote of the day

Eddy Elfenbein, “The biggest threat to natural monopolies comes, not from a competitor, but from innovation.”  (Crossing Wall Street)

Chart of the day

5 23 11 FXAvFXY 4 years Monday links:  natural monopolies

Keep an eye on Aussie/Yen for a clue to the risk on/risk off trade.  (All Star Charts)

Markets

How it is that good US news leads to a sell off in the dollar.  (FT Alphaville)

The gold/silver ratio as a risk on/risk off indicator.  (Global Macro Monitor)

The VIX is percolating.  (MarketBeat)

No matter how you slice it small caps are rich relative to large caps.  (Horan Capital)

On the divergence between company guidance and the stock market.  (Big Picture)

Bonds

Even yield hungry investors balk at sub-7% junk bond yields. (WSJ)

Emerging market bond spreads continue to shrink.  (FT)

Want distressed assets?  Go to Europe.  (WSJ)

Strategy

The fifteen stocks hedge funds are newly focused on.  (Focus on Funds, Fund My Mutual Fund)

Keep an eye on the weakness in financial stocks.  (Humble Student)

Struggling to put a value on farmland.  (the research puzzle)

Funds

If gold is in a bubble, what role will ETFs in its reversal?  (FT)

You knew it was coming…the Market Vectors Mongolia ETF.  (IndexUniverse)

Another example of the ‘disposition effect‘ at work in the mutual fund world.  (Term Sheet)

A profile of recently underperforming Bruce Berkowitz.  (Institutional Investor)

Companies

Netflix (NFLX) just keeps on punking the shorts.  (Money Game)

Apple (AAPL) earns comparatively little on its huge cash balances.  (WSJ)

Looking for some mobile computing laggards.  (TechInsidr)

Are new drugs the salvation of Johnson & Johnson (JNJ)?  (Bloomberg)

Just how dependent is Yum! Brands (YUM) on China for growth?  (24/7 Wall St.)

Even if you don’t own LinkedIn (LNKD) keep an eye on the stock to keep track of sentiment toward social.  (Howard Lindzon)

Finance

A summary of the LinkedIn IPO debate.  (Felix Salmon)

How much longer can Wall Street’s monopoly on information withstand the rise of social media?  (Points and Figures also Felix Salmon, WSJ)

Risk factors aside, the Yandex IPO is hot.  (beyondbrics, Bloomberg, The Reformed Broker , FT Tilt)

A tool for looking at the systemic risk of financial institutions.  (Econbrowser)

To what degree are algos affecting cross market correlations?  (FT Alphaville)

Global

All the economic news at the moment is bad.  (Pragmatic Capitalism)

China’s expansion is in danger of rolling over.  (WSJ, Free exchange)

Investors are not surprisingly loading up on peripheral Europe CDS. (Smart Money Europe)

Economy

Another indicator pointing toward slower economic growth.  (Global Economic Intersection)

The market does not expect the Fed to raise interest rates any time soon.  (Crossing Wall Street, Bloomberg)

On the parallels between Europe and US state finances.  (NetNet)

Earlier on Abnormal Returns

An investor’s education does not end at the school room door.  (AR Screencast)

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

Mixed media

Happy first blogiversary! (Dragonfly Capital)

Thinking about the parallels between betting on horse racing and investing.  (Reading the Markets)

The next decade will see the biggest transformation of the book since the invention of the printing press.  (The American)

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