Quote of the day

Steven Place, “You have 2 things that many whales can’t have: liquidity and a shorter timeframe.”  (Investing With Options)

Chart of the day

The US dollar index is not an ideal way to track the value of the dollar.  (IndexUniverse)

Markets

Another reason why you should expect to see stocks outperform bonds going forward.  (Systematic Relative Strength)

When $AAPL leads the market does just fine, thank you very much.  (Global Macro Monitor)

Cyclical stocks are once again leading the market higher.  (Bespoke)

Beware a wave of analyst estimate downgrades.  (FT Alphaville, Big Picture)

Strategy

Barry Ritholtz, “There is actually no such thing as toxic assets — only toxic prices.”  (Big Picture)

On the challenges of a one-way market to neutral option traders.  (Tyler’s Trading)

On the challenges and benefits of mentoring other traders.  (Crosshairs Trader)

Individual Investors

You’re doing it wrong. Automatic 401(k) enrollment leads to lower contribution rates.  (WSJ)

An overview of individual investor failures.  (CXO Advisory Group)

Technology

Apple ($AAPL) is having a hard time getting traction for iAds.  (Bloomberg via DF)

Marc Andreessen on the tech bubble, or not.  (NYTimes)

Why can’t VCs and entrepreneurs get along?  (Information Arbitrage)

Options increase risk taking by CEOs.  (Knowledge@Wharton)

ETFs

The Pimco Total Return ETF is set to launch at a fee discount to its open-end cousins.  (IndexUniverse)

A closer look at the various structures (and taxes thereon) of currency ETPs.  (IndexUniverse)

Hedge funds

Are hedge funds ‘too safe to fail?’  (Deal Journal)

In defense of taxing carried interest as capital gains.  (NetNet)

Europe

The nightmare scenario for the ECB.  (Gavyn Davies)

The global deleveraging story has a long ways to go.  (Economist)

The markets keep betting against Europe’s periphery.  (Bloomberg)

Greece has been in default for much of the past two centuries.  (FT Alphaville)

18 countries with growing default risk.  (Atlantic Business)

Global

Tiffany ($TIF) as a leveraged play on the global economy.  (NetNet)

The carry trade is sttill going full steam. (Credit Writedowns)

China may be done raising interest rates for awhile.  (Bloomberg)

There is a pipeline of Chinese companies waiting to go public.  At what price?  (Economist)

Economy

ADP employment and initial jobless claims are better than expectations.  (WSJ, Calculated Risk, Capital Spectator)

How rising interest rates affect home prices.  (Atlantic Business)

The Clinton-era budget surpluses are overrated.  (Money Game)

Earlier on Abnormal Returns

Google+ seems like a winner but $GOOG competitors are by and large private companies these days.   (AR Screencast)

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

Mixed media

On the need to avoid ‘filter bubbles.’  (Forbes via @ritholtz)

Hard work gets you only so far.  At some point you need to have a better strategy.  (Falkenblog)

On the beauty of niche social networks.  (Slate)

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