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Wednesday links: reaching for yield

Reaching for yield almost always ends badly.  (Big Picture also FT Alphaville)

Ten years later, “It’s tempting, but wrong, to write off the tech mania as mass insanity by the ignorant and ill-informed.”  (WSJ)

“Misallocation of capital is everywhere and anywhere a fallout of bad government policy.”  (Andy Kessler)

Small cap outperformance isn’t a new phenomenon.  It has been going on for ten years now.  (Bespoke, ibid)

Options traders, as measured by the put/call ratio, have gotten a bit too complacent.  (Quantifiable Edges, Trader’s Narrative)

What does the RVX/VIX ratio tell us about market turning points? (Investing With Options)

Deep value opportunities in insurance stocks.  (Street Capitalist)

Hedge funds love high quality growth stocks.  (market folly)

Regulators are misguided in preventing banks from paying dividends.  (Clusterstock)

Pre-holiday trading has lost its edge.  (MarketSci Blog)

Speculation about what bank should Barclays (BCS) buy?  (Deal Journal, MarketBeat)

The Russian ruble (and bonds) are  on quite a run of late.  (FT Alphaville, WSJ also BusinessWeek)

What Tilson and Tongue are buying.  (Tech Ticker)

An interview with microcap investor (and professor) Paul Sonkin.  (Value Walk)

Wall Street is cleaning up on Build America Bonds.  Should you?  (WSJ also IndexUniverse)

Coming soon an international, investment grade corporate bond fund, the Barclays Capital International Corporate Bond (IBND).  (ETF Trends)

Big pharma is increasingly relying on their animal health businesses to weather drug patent expirations.  (Minyanville)

Let’s end the debate over the tax treatment of carried interest once and for all.  (peHUB, Clusterstock)

How to regulate CDS.  (Felix Salmon)

David Merkel, “Unless there is a natural purchaser of an exposure that one is trying to hedge, someone must speculate to a degree to allow you to hedge.  If the speculator is undercapitalized, risks to the financial system rise.”  (Aleph Blog)

Why the SEC’s Chief Economist really quit.  (Dealbreaker)

Economists should focus on the lead up to the housing bubble as the popping of the bubble.  (Econbrowser)

The Federal Reserve needs more governors with expertise in financial markets.  (Mark Thoma)

What the tick up in tax withholdings is saying about the health of the economy.  (Big Picture)

A notable tick up in job openings.  (EconomPic Data, Calculated Risk)

The A.D.S. Business Conditions Index is indicating slower growth ahead.  (The Pragmatic Capitalist)

First the Olympic hockey gold medal and now this:  Canada’s economic growth is better balanced.  (Economist’s View)

Has nuclear energy missed its chance?  (Gregor Macdonald also Humble Student)

Why the new Cisco (CSCO) router won’t make your Internet experience any faster.  (Silicon Alley Insider also Seeking Alpha)

Quantifying the benefit of free content to Seeking Alpha.  (World Beta)

An in depth piece on the ugly TCW-Jeffrey Grundlach breakup.  (Fortune)

Newspapers need to a better job of engaging their readers.  (GigaOM)

On the value of interaction:  StockTwits vs. CNBC.  (ValuePlays)

Why we fixate on enemies and inflate their perceived power.  (Marginal Revolution)

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