Quote of the day

Peter Tasker, “So where is the haven that offers protection against the turbulence of markets? Guess what: there isn’t one. Everything has become somebody’s idea of an asset class, from dodgy modern art to the copper that burglars strip from church roofs. Everything carries some risk of loss.”  (FT)

Chart of the day

WMT Chart

WMT data by YCharts

How Wal-Mart ($WMT) got to the all-time highs list.  (MarketBeat)

Markets

Slowing earnings growth isn’t necessarily a bad thing.  (Marketwatch)

Five reasons why Americans hate stocks.  (The Reformed Broker)

No one thing drives investors.  (Big Picture)

On high yield bond (over)valuation.  (Income Investing)

Strategy

Consistency is the new diversification.  (Howard Lindzon)

Playing a theme, like water, is not always that simple.  (Condor Options)

Financial advice means actually selling clients what they need.  (Above the Market)

Simon Lack, author of The Hedge Fund Myth, on why hedge fund expectations are simply way too high.  (Big Picture)

Technology

The Apple ($AAPL) iPhone is going Google ($GOOG)-free.  (TechCrunch, Eric Jackson)

Facebook ($FB) now wants your gambling dollars pounds.  (SAI)

Managing a public company is very different than a public company, just ask Mark Zuckerberg.  (Felix Salmon)

High frequency follies

Advocating changes to market microstructure does not imply a return to old school trading.  (Points and Figures)

Why hasn’t the SEC already implemented ‘Automation Review Policies‘?  (FT, Clusterstock)

Why Knight Capital ($KCG) like blowups are so unnerving.  (Dealbook)

Reigning in HFT isn’t about protecting the little guy.  (Felix Salmon)

Funds

What purpose does your bond fund serve?  (Learn Bonds)

Ultra-short bond ETFs are sprouting up all over the place.  (IndexUniverse)

International funds don’t do a very good job beating an index.  (Rick Ferri)

Target date funds are not a panacea.  (Vanguard)

Global

Just how stretched is the Aussie dollar?  (FT Alphaville)

Two big reasons why the global economy is slowing.  (Bonddad Blog)

Earlier on Abnormal Returns

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

Mixed media

The big (global) business that is the MBA.  (NYTimes)

User generated content is a real business that can disrupt traditional media.  (GigaOM)

Has CNBC lost it’s mojo?  (A Dash of Insight)

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