Wednesday links: heavy consequences

• abnormalreturns
• June 22nd, 2011

Quote of the day

Nathan Myhrvold, “Risks with heavy consequences must be taken seriously even if the probability of their happening tomorrow is low.”  (Bloomberg)

Chart of the day

How you look at this indicator depends on whether we are still in a bull market.  (Trader’s Narrative)

Markets

A look at cash on the balance sheet as a percentage of market cap.  (MarketBeat, Pragmatic Capitalism)

The auto stocks are bouncing.  (Dragonfly Capital)

A look at historical sector P/E ratios.  (Bespoke)

Strategy

Maybe the FedEx ($FDX) indicator is overrated?  (MarketBeat, WSJ )

On applying an investment discipline overseas.  (Institutional Investor)

Abandoning book-to-market as a valuation metric. (Greenbackd)

Commodities

Rohan Clark, “If nothing else, the growing presence of investors increases the potential for extreme movements in commodities prices.”  (Data Diary)

Ethanol never made sense, especially today.  (Minyanville also The Source)

Companies

How much difference can an executive make to a company.  (research puzzle pix)

Why Warren Buffett wouldn’t buy Research in Motion ($RIMM).  (The Reformed Broker)

Funds

Takeaways from the Oaktree S-1.  (Distressed Debt Investing)

Fidelity launches some target date muni bond funds.  (InvestmentNews)

Finance

Have we already gone too far in regulating the banks?  (naked capitalism)

Expect M&A activity to ramp up as companies look for growth just about anywhere.  (Free exchange)

How insider trading becomes endemic.  (Felix Salmon)

Venture investors need to recognize that $100 million exits are not all that common.  (TechCrunch, A VC)

Global

Applying Occam’s Razor to the situation in Greece and Europe.  (The Source)

Canada has avoided a US-style balance sheet recession.  (Economist’s View)

Some traders fearing an economic bubble are betting against the Chinese yuan.  (WSJ)

Emerging markets

MSCI still thinks Korea and Taiwan are still emerging markets.  (IndexUniverse, beyondbrics)

Peter Tasker, “Markets appear to have discounted a smooth and painless path to development for the entire emerging world. “  (FT)

Economy

Have negative economic surprises bottomed out?  (Big Picture, Trader’s Narrative)

Different approaches on the issue of structural unemployment.  (Credit Writedowns, Stone Street Advisors, The Atlantic)

Earlier on Abnormal Returns

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

Hedge fund size matters for performance, just don’t tell Bridgewater Associates.  (AR Screencast)

Mixed media

Blogs aren’t dead, what is dead is “the idea that everybody should have a blog.”  (inessential via Om)

Is this the next, new thing in cameras?  (NYTimes)

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