Tuesday links: inefficient capital

Quote of the day

Chris Dixon, “Venture capital markets are perhaps the most inefficient of mainstream financial markets.”  (cdixon)

Chart of the day

MAC 0912 232x420 Tuesday links:  inefficient capital

How major asset classes performed in August.  (Capital Spectator)

Markets

The long dollar trade is no longer crowded.  (Sober Look, Bloomberg, WSJ)

More on the weird goings on in the overnight markets.  (MarketSci Blog)

Everybody is focused on corn prices but check out soybean prices.  (FT Alphaville)

Strategy

Hedge funds are having another terrible year.  (Covestor)

Canada’s hedge funds actually hedge.  (All About Alpha)

Why you shouldn’t worry about ETF closures.  (ETFdb)

Books

A review of Ronald W. Chan’s The Value Investors: Lessons from the World’s Top Fund Managers.  (Reading the Markets)

A review of Jeff Connaughton’s The Payoff: Why Wall Street Always Wins.  (Aleph Blog)

Apple

How a new iPhone announcement has historically affected Apple’s ($AAPL) stock price.  (Apple 2.0)

Five products Apple should stop making.  (Businessweek)

iPhone users sure do surf a lot more than other smartphone users.  (Apple 2.0)

Finance

The man behind the Facebook ($FB) IPO debacle and his name isn’t Zuckerberg.  (Dealbook contra blog maverick, Henry Blodget, Felix Salmon, GigaOM)

Morgan Stanley ($MS) is having some brokerage technology issues.  (Crossing Wall Street, Howard Lindzon)

Multinationals are trying to establish a foothold in venture capital.  (Dealbook)

Europe

Mario Draghi feels comfortable buying bonds up to three years.  (Bloomberg, Sober Look, MarketBeat, Money Game)

Spaniards are leaving their country and taking their bank balances with them.  (NYTimes)

The SNB vows not to let the value of the Swiss franc rise.  (FT)

Seven story lines to watch in Europe this fall.  (NYTimes)

Global

Worldwide factory activity by country.  (Real Time Economics)

Investors in search of yield are pushing into frontier emerging market bonds.  (FT)

The bear case for the Australian dollar.  (Sober Look)

Employment

The ISM Manufacturing report continues to indicate contraction.  (Calculated Risk, Money Game, Capital Spectator)

High unemployment is far more cyclical than structural at this point in the cycle.  (Money Game)

Home prices

Now is a good time for renters to think about buying a home.  (FT)

Another indicator pointing toward higher home prices.  (Calculated Risk)

Inflation

Inflation is, at best, tenuously related to gold prices.  (Money Game)

Why are so many people so worried about hyperinflation?  (Felix Salmon)

Mixed media

One user’s love-hate relationship with Twitter.  (GigaOM)

Too much art is stored in too few places.  (Economist)

The worst movie opening ever.  (Speakeasy, EW)

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