Monday links: skill vs. luck

• abnormalreturns
• September 27th, 2010

Market breadth is strong.  (Bespoke)

Putting mean reversion in the equity market into perspective.  (EconomPic Data)

Skill, luck and Warren Buffett.  (Jeff Matthews also Capital Spectator)

Contrarian alert.  Central banks have stopped their sales of gold.  (FT)

Even the Fed thinks Treasuries are overvalued.  (Bloomberg)

What is the “Permabear Sentiment Index” telling us at the moment?  (Insider Monkey)

On the disappearance of unchanged stocks.  (Big Picture)

How much more unpopular could equities become?  Look to Japan.  (Money Game)

Hedge funds are turning out to be the ultimate beneficiaries of financial regulation.  (Dealbook)

Why David Tepper won’t be leaving the hedge fund game any time soon.  (New York also Dealbreaker)

It took a while, but the junior gold miners are now outperforming.  (VIX and More)

On the importance of partial positions.  (Leigh Drogen)

Twelve shocking mutual fund statistics.  (Morningstar)

You need to pay attention to Apple (AAPL) whether you like it or not.  (AR Screencast)

Value strategies work in picking emerging markets.  (CXO Advisory Group)

Why conventional hedging strategies fails.  (Condor Options)

Are correlation swaps a “big risk factor”?  (FT Alphaville)

More evidence some weird stuff was happening before the Flash Crash.  (Dealbook)

More consolidation in the airline industry.  Southwest (LUV) buys AirTran (AAI).  (WSJ, Deal Journal, NYTimes earlier AR Screencast)

Companies like Orbitz (OWW) just can’t resist dumping news late on a Friday.  (footnoted)

On the divergence between Goldman Sachs (GS) and Morgan Stanley (MS).  (Bloomberg)

Is the stock market rally all built on anticipation of QE2?  (Calculated Risk)

The Chicago Fed National Activity Index for August dropped.  (Calculated Risk)

Don’t expect changes to Fannie or Freddie any time soon.  (WSJ)

What is a sustainable amount of consumer debt?  (Atlantic Business)

We really don’t know the size of big the pension deficit.  (Humble Student)

Why the Swiss franc is likely to continue rising.  (Money Game)

The market does not believe the credit ratings of Portugal and Ireland.  (FT Alphaville)

On the parallels between the problems with Euroland and Chimerica.  (Gavyn Davies also Bloomberg)

Pettis Law #17:  You have not entered into the final stages of a bubble until you hear repeated use of the phrase “You ain’t seen nothing yet!”  (China Financial Markets)

How emerging markets are transforming their diets.  (beyondbrics also ST Macro Weekly)

Looking at the world through a new political paradigm:  individuals vs. corporations.  (Big Picture)

A good explanation of segmentation in the venture capital industry.  (Chris Dixon also Infectious Greed)

“Intelligence has very little to do with making money in the markets, by investing or trading.”  (Leigh Drogen)

How much should we practice?  (The Frontal Cortex)

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