Tuesday links: first trade follies

• abnormalreturns
• February 5th, 2013

Quote of the day

Brian Lund, “The worst thing that can happen to any new participant in the market is for them to make a shitload of money on their first trade.”  (bclund)

Chart of the day

EWZS data by YCharts

Looking for a laggard? Check out Brazil.  (All Star Charts)

Markets

If you sell stocks where are you going to park the proceeds?  (The Reformed Broker)

Low real interest rates have historically led to poor equity returns.  (Buttonwood)

Stocks for the long run does not always work out.  (Long Short)

Bonds

The corporate credit markets are in some unexplored territory.  (Money Game)

Jack Ablin, “Corporate bond investors are mathematically challenged by low interest rates.”  (FT)

Has the junk bond market finally turned?  (Barron’s)

One of these days value will return to the distressed debt market.  (Distressed Debt Investing)

Strategy

Some notes from the Columbia Investment Management Conference.  (Market Folly)

Where do the returns from low vol come from?  (Falkenblog)

Companies

Why analyzing Apple ($AAPL) is so difficult.  (Vitaliy Katsenelson)

Public investors won’t have Dell ($DELL) to kick around any more.  (Dealbook, Term Sheet, Quartz)

What now for Dell?  (SAI, Felix Salmon)

Why Facebook ($FB) is overvalued.  (Fortune)

A deep dive into Herbalife ($HLF) sales.  (Dealbook)

Finance

Should S&P be on the hook for the financial crisis?  (Kid Dynamite, Dealbreaker)

Why you should be suspicious of management-led buyouts.  (Dealbook)

Did decimalization kill the small cap sector?  (NetNet)

$1 billion startups are no longer an anomaly.  (NYTimes)

Russia hires Goldman Sachs ($GS) to boost its image.  (Bloomberg)

Hedge funds

Investors are fed up with anemic hedge fund returns.  (II Alpha)

Bridgewater Associates is launching a new fund.  (WSJ)

A periodic table of hedge fund returns.  (aiCIO)

Funds

Money market fund managers have too much cash and too few places to invest.  (WSJ)

Is there a Morningstar Fund Manager of the Year curse?  (Morningstar)

Fidelity’s target date funds are not all that.  (NYTimes)

A look at ETF securities lending math.  (IndexUniverse)

Investors can’t get enough leveraged loan funds.  (Income Investing)

Economy

The ISM non-manufacturing index shows expansion in January.  (Calculated Risk, RTE)

This measure of home prices is accelerating.  (Calculated Risk, Modeled Behavior)

Average household size is still on the rise.  (Quartz)

Mixed media

Why a dose of narcissism can be useful.  (Scientific American)

Ten things Apple should include in iOS 7.  (Paste)

On the dangers of Netflix binging.  (Atlantic Wire)

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