Sunday links: the real enemy

Quote of the day

ETF Replay, “If you have a well-defined investment process, your only real enemy is yourself — not volatility.” (@ETFreplay)

Chart of the day

SPY TNX Sunday links:  the real enemy

The opportunity cost of not buying stocks is “enormous.”  (Felix Salmon)


The Percent Buy Index is now oversold, but that does not necessarily mean an imminent rally.  (Pragmatic Capitalism)

Putting the correction into perspective.  (Chart of the Day)

The technology vs. industrial trade continues unabated.  (Bespoke)

Dark crosses abound.  (Humble Student)

High yield bond spreads may have room to go a lot higher.  (MarketBeat, WSJ)

A look at S&P 500 sector weightings over time.  (Bespoke)


High dividend yielders remain the market’s best bet.  (Barron’s also Money Game)

Capital preservation is job one right now.  (UpsideTrader)

In this market instead of searching for someone/thing to blame why not take ask yourself the right questions. (TraderMD)

If you can’t sleep at night due to your investments you are doing something wrong.  (Investing Caffeine)

Why investors panic.  (MarketBeat)

What is the true impact of outliers on market returns?  (World Beta)


Cisco ($CSCO) is beset with existential threats.  (Barron’s)

Is Blackstone Group ($BX) cheap?  (Term Sheet)

The contrarian case for Bank of America ($BAC).  (Barron’s)

Mutual funds

David Swensen on the merry-go round of mutual fund performance.  (NYTimes)

Mutual fund investors are short-term investors who think they are long-term investors.  (Aleph Blog)

An interview with the guys who run the new Goodhaven Fund.  (Barron’s)

The anachronistic HOLDRs are converting into ETFs.  (IndexUniverse)


Mortgage REITs are booming, time to worry.  (WSJ)

Morgan Stanley ($MS) not Bank of America ($BAC) was the worst performing financial stock this week.  (Deal Journal)

A big week for insider buying.  (Barron’s)

How well can the market do if financials continue to be such a drag.  (Dynamic Hedge)

A good investment bankers should come across as “dull as dishwater.”  (Epicurean Dealmaker)


Looking for the trouble in Europe to end badly.  (Pragmatic Capitalism)

Your biggest fear should be a liquidity crisis for Eurolenders.  (Global Macro Monitor)

The risks in Europe are skewed to the downside.  (Pragmatic Capitalism)


Joe Weisenthal, “The world is screaming for more US government debt. ”  (Money Game also WaPo)

Are we already in recession?  (Big Picture, MarketBeat)

Consumer sentiment is way ahead of the economy.  Who is correct?  (Money Game)

Making the case for the US as Japan.  (WSJ, Infectious Greed, FT Alphaville)

The Fed

The Fed is boxed in.  (Washington Post)

Why the Fed is engaging in reverse repo transactions.  (FT Alphaville)

On the prospects for filling out the Fed with two new members.  (Macroadvisors)

Earlier on Abnormal Returns

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

What other Abnormal Returns readers were reading during this crazy week.  (Abnormal Returns)

Mixed media

A positive review for Antti Ilmanen’s Expected Returns.  (Aleph Blog)

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  • Tadas ViskantaAbnormal Returns has over its seven-year life become a fixture in the financial blogosphere. Over thousands of posts we have striven to bring the best of the financial blogosphere to readers. In that time the idea of a “forecast-free investment blog” remains as useful as it did six years ago. More »

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