Thursday links: sacrosanct stories

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Quote of the day

Jason Voss, “When markets disabuse portfolio performance, meta-narratives are not questioned because they are treated as sacrosanct. Instead, stories make sense of the bewildering array of facts and the disappointment of an investment idea gone awry.”  (Enterprising Investor)

Chart of the day

3879e000edc0e7e4ae94f429a0f6525f Thursday links:  sacrosanct stories

GOOG PE Ratio TTM data by YCharts

The Google ($GOOG)-Apple ($AAPL) valuation gap has widened out.  (Bloomberg)

Equities

A look at the guys who called the ’09 bottom.  (MarketBeat)

Cyclical stocks are looking cheap relative to defensive stocks.  (Capital Observer)

Three signs of a bear market from Rich Bernstein.  (Pragmatic Capitalism)

The challenge of using sentiment data to time the market.  (Dragonfly Capital)

The time has past for using the Dow as a representative index.  (FT)

Markets

Gold miners have not been this oversold in a long time.  (The Short Side of Long)

Why is Gundlach getting long Treasuries again?  (Learn Bonds)

Strategy

Why do we analyze the overall market differently than individual stocks?  (A Dash of Insight)

Despite of the importance of their work we really don’t know much about analyst performance.  (the research puzzle)

If you are asking if now is the time to get into the market, then you are asking the wrong question.  (The Reformed Broker)

Occam’s Razor and the choice between active an index investing.  (Rick Ferri)

Three explanations why the stock market has rallied.  (Justin Fox)

Psychology

Why new highs matter: reflexivity.   (Phil Pearlman)

Turn down the market noise!  (Your Wealth Effect)

Awareness is overrated: why we are horrible investors.  (Phil Pearlman)

Companies

A review of the 2012 Berkshire Hathaway ($BRKA) letter to shareholders.  (The Brooklyn Investor)

Why nobody can make Apple spend its cash.  (Slate)

Does Apple need to be more like IBM ($IBM)?  (GigaOM)

Carl Icahn wants in on this Dell ($DELL) deal.  (AllThingsD, Deal Journal)

Time Warner ($TWX) is spinning off it’s magazine division. Why?  (WSJ, Daniel Gross, Media Decoder)

Spin-off alert: Crimson Wine Group ($CWGL) looks cheap.  (Market Folly)

Buybacks and IPOs

US companies are buying back shares at a rapid pace.  (FT Alphaville also TRB)

The IPO pipeline is filling as well the secondary calendar.  (WSJ)

Finance

Nasdaq is getting into the private share trading business.  (Dealbreaker)

Issuers are taking advantage of the leveraged loan frenzy to reprice issues.  (FT)

On the potential for a student loan bubble.  (FT Alphaville)

Some nontraded REITs are getting bailed out by a hot property market.  (Bloomberg)

Google is everywhere, now they want to build the consolidated audit trail for the SEC.  (Securities Technology Monitor)

Is price competition finally taking hold in hedge fund land?  (research puzzle pieces)

VCs are not buying into the manufacturing rebound.  (peHUB)

ETFs

Looking at market performance based on the top 100 ETFs.  (ETF Replay)

Burton Malkiel is shaking things up at Wealthfront.  (IndexUniverse)

How the new U.S. Equity High Volatility Put Write Index Fund ($HVPW) works. (IndexUniverse)

The downside of the ETF gold boom.  (FT)

Global

Is financial risk becoming excessive again?   (Gavyn Davies)

Izabella Kaminska, “Government support for debt markets has gone about as far as it can.”  (FT Alphaville)

The case to buy Italy.  (Money Game)

How using US financial market history skews results.  (The Money Illusion)

Economy

Weekly initial claims continue to trend lower.  (Calculated Risk, Bonddad Blog, Capital Spectator)

A February NFP report preview.  (A Dash of Insight, Capital Spectator)

What will the next recession look like?  (Bonddad Blog)

Earlier on Abnormal Returns

What should we be worried about? Our failing average investors.  (Above the Market)

Mixed media

How to predict the progress of technology.  (MIT)

So much for the Mediterranean diet: olive oil shortages abound.  (Huffington Post)

Drug side effects: Google edition.  (kottke)

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