Tuesday links: efficiency and fairness

Quote of the day

Aaron Brown, “Trading execution affects both the efficiency and fairness of capital markets, which means it affects the efficiency and fairness of the economy.”  (Minyanville)

Chart of the day

FXI 0612 624x303 Tuesday links: efficiency and fairness

A summary of the short China case.  (Market Folly)

Markets

Why Treasury yields aren’t higher despite record deficits.  (Money Game)

Canadian energy stocks are pricing in much lower oil prices.  (Marketblog)

How the S&P 500 could see $110 in earnings next year.  (Dr. Ed’s Blog)

The historical case for a bounce in silver.  (Market Anthropology)

Strategy

Ten errors investors make: a growing list.  (Big Picture)

How to quit your financial adviser.  (Rick Ferri)

Another way to play the “Sell in May” phenomenon.  (allETF)

Jess, “If you think trading is going to help solve your existing issues, you’re wrong.”  (RogueTraderette)

How do activist investors’ add value to target companies?  (Aswath Damodran)

Research

The biggest companies by sector, or ‘Top Dogs,’ tend to underperform both here and abroad.  (SSRN via Tradestreaming)

What motivates portfolio managers to talk their book?  (Enterprising Investor)

Companies

Why News Corp. ($NWSA) should split up.  (The Atlantic also Deal Journal)

Emerging market companies are on the hunt for acquisitions.  (FT)

Technology

Like tech stocks? Like dividends? First Trust has an ETF for you.  (InvestmentNews)

Applied Materials ($AMAT) is now largely a dividend play.  (YCharts Blog)

Despite increasing competition Intel ($INTC) is still cheap.  (SumZero)

Finance

Can the BBA create a better, non-manipulable Libor?  (Bloomberg)

Money market mutual funds are taking on more risk than you think.  (FT Alphaville)

Can Morgan Stanley ($MS) escape the dangers of lower credit ratings?  (research puzzle pix)

A look at the new and improved StockTwits.  (Howard Lindzon)

ETFs

Who wins in the ETF price war between Vanguard and Schwab ($SCHW)? You, the investor.  (Wealthfront Blog)

“Smart indices” are another way in which ETFs are making headway against mutual funds.  (Bloomberg)

Not every ETF gives you the exposure on the label.  (ETFdb)

Don’t bother looking for alpha in the mutual fund universe.  (Dealbreaker)

Oil

Cheap oil will not save the global economy.  (Wonkblog)

Checking in on Peak Oil.  (Sober Look)

Global

Why German bunds are a better bet than JGBs.  (FT)

Why September is the cruelest month, crisis-wise.  (Free exchange)

Is Canada too sanguine about its economic future?  (Businessweek)

Spain made only one mistake: joining the Euro.  (Martin Wolf)

Economy

April Case-Shiller numbers point to the end of the housing bust.  (Calculated Risk, Money Game, Economix)

How Europe could hurt the US economy.  (Bonddad Blog)

Do falling commodity prices signal lower inflation ahead?   (macroblog)

Is your pension fund underfunded?  (Real Time Economics)

Earlier on Abnormal Returns

Why I just bought a copy of Scott Patterson’s Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System.  (Abnormal Returns)

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

Mixed media

Investors are turning off CNBC.  (Talking Biz News)

Louis C.K. is now messing with the ticketing industry.  (Gawker)

The best albums of 2012..so far.  (Sound Opinions)

The best movies to-date in 2012.  (Paste)

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