Quote of the day

Michael Santoli, “It’s not often that a major stock market trading in a place first hit a dozen years ago falls apart in a devastating way.”  (Barron’s)

Chart of the day

Check out the correlation between Sotheby’s ($BID) and $EEM.  (Finance Trends Matter)

Video of the day

Ray Dalio talks to Charlie Rose.  (Charlie Rose)

Markets

Where is the market’s leadership coming from?  (Dynamic Hedge)

Is the Euro driving the S&P 500?  (Global Macro Monitor)

The power of dark inventory.  (FT Alphaville)

Why New York City taxi cab medallions cost a $1 million apiece.  (Felix Salmon)

Strategy

Save more, worry less about your investments less.  (CNNMoney)

Understanding the “four horsemen” of the stock market.  (Tyler’s Trading)

Companies

Apple ($AAPL) is a victim of its own successes.  (The Reformed Broker, UpsideTrader)

What Steve Jobs was still working on.  (TechCrunch)

There are “several ways to win” with ConocoPhillips ($COP).  (Turnkey Analyst)

What does an ATT-less T-Mobile to do?  (Deal Journal)

Finance

There’s plenty of math in finance already, what we need is more imagination.  (Big Picture)

Abolish the 30-year fixed rate mortgage.  (Felix Salmon)

Funds

Who benefits when you fund lends out securities?  (WSJ)

Do ETF investors require more disclosure and protection?  (Barron’s)

How Pimco manages their target date funds differently.  (NYTimes)

More details on what is going on behind the scenes at the Fairholme Fund.  (Barron’s)

IPOs

Can Groupon ever live up to its proposed IPO valuation?  (WSJ also Felix Salmon, NetNet)

Another way to play the Groupon IPO.  (The Fly)

When it comes to IPOs the banks are giving investors exactly what they want.  (Interloper)

A bank can’t run an IPO until it gets the mandate.  (Dealbreaker)

Global

Markets are waking up to the risk of emerging markets.  (HistorySquared)

There is little cause for optimism in the case of Europe.  (naked capitalism, ibid)

What do McDonald’s ($MCD) results tell us about the global economy?  (Crackerjack Finance)

It is getting more and more expensive to find a barrel of oil these days.  (Gregor Macdonald)

Economy

Analysts are likely to underestimate growth the rest of the year.  (Modeled Behavior, macroblog)

The era of Chinese-led goods deflation is coming to an end.  (NYTimes)

The gap between actual and potential GDP sits at nearly 7%.  (Real Time Economics)

Four countries the US needs to avoid emulating.  (NYTimes)

Rebuilding America

The US needs to invest in its infrastructure.  (WashingtonPost)

America has a healthy obsession with entrepreneurs.  (The Atlantic)

The US needs more ‘disruptive innovation.’  (WashingtonPost)

Earlier on Abnormal Returns

What you missed in our long form Saturday linkfest.  (Abnormal Returns)

Books

A positive review of Nicholas Wapshott’s Keynes Hayek: The Clash that Defined Modern Economics.*  (NYTimes)

New economics books have taken a decidedly dark turn.  (Real Time Economics)

A positive review for Walter Isaacson’s biography of Steve Jobs.*  (NYTimes)

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*Amazon affiliate.  You know the drill.