Sunday links: model testing

• abnormalreturns
• May 31st, 2009

“Your fund should lend out your securities, but the proceeds should go to you…The current system, where they keep half the gains and stick you with all the risks, has got to go.”  (WSJ also Felix Salmon)

The BRIC markets have bounced back nicely in 2009.  (Bespoke)

Stock picking is dead…until the government gets out of the way.  (Clusterstock)

“Hedge funds, decried by many as quick traders, have played catch-up during the market rally since March.”  (WSJ)

Taleb-associated hedge fund opens up a new ‘inflation fund.’  (WSJ)

What happened in the last hour of trading on Friday?  (VIX and More)

Pimco is jumping into the bond ETF business and competing on price.  (WSJ)

Continued interest in the iShares business, now from Vanguard.  (Telegraph)

What was Bill Ackman doing with Target (TGT)?  (NYTimes)

A deal with bondholders paves the way for a General Motors (GM) bankruptcy.  (NYTimes)

“The Fed is not really sure what is driving the sharp rise in long-dated bond yields, and especially a widening gap between short and long term yields.”  (Reuters)

“There are plenty of things to worry about at the moment, but inflation and interest rates probably shouldn’t be high on that list.”  (The Balance Sheet)

“Do recently rising oil prices signal a resurgence of economic growth?”  (Econbrowser)

“We need to get back to testing models rather than revering them,” he [Wilmott] says. “That’s hard work, but this idea that there are these great principles governing finance and that correlations can just be plucked out of the air is totally false.”  (Newsweek)

Quants move from Wall Street to Madison Avenue.  (The Reformed Broker)

The Myth of the Rational Market by Justin Fox reviewed.  (Barrons)

“If the message is important, it will find me.”  (A VC)

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