Quote of the day
MS, “People bring the same basket of personal qualities to all of life. Troubled trading means a troubled life; a troubled life means troubled trading. They are both a reflection of you.” (Mortality Sucks)
Chart of the day
Should we be concerned copper isn’t rallying along with the S&P 500? (The Short Side of Long)
Markets
The hottest trade these days is in European equities. (The Reformed Broker)
Jeff Gundlach says buy China, sell US stocks. (Money Game)
Rich guys are piling into commercial real estate plays. (WSJ)
Pimco is paring back on high yield debt. (MarketBeat)
Strategy
Even the best strategies don’t work all the time. (Ivanhoff Capital)
Mebane Faber’s paper on the use of global CAPE models. (SSRN)
On the “prosociality” of short selling. (Professor Bainbridge)
Managed futures funds have been having a tough time of it of late. (InvestmentNews)
Companies
The management of Tootsie Roll ($TR) has largely cut itself off from the rest of the world. (WSJ)
The bond market has a dim view of the future of JC Penney ($JCP). (Learn Bonds)
Finance
A review of Keynes’ changing approach to investing. (Gavyn Davies)
Hedge funds are not happy about having to file the new Form PF. (Businessweek)
Just how much has the business mix at Citigroup ($C) changed? (Dealbook)
Now Legg Mason ($LM) wants to get into the ETF business. (IndexUniverse)
An interesting interview with Thomas Petterffy on the origins of automated trading. (Planet Money)
Venture capital
FutureAdvisor just raised a big round to bring software to personal finance. (GigaOM)
A startup wants to allow you to buy (and trade) farmland by the square foot. (Term Sheet)
An interview with high profile VC Fred Wilson. (Technology Review)
Global
Another indication that Australia’s banks are overvalued. (FT Alphaville)
The nature of the Japanese stock market has fundamentally changed. (FT)
When will China’s weak economy bite Australia? (FT Alphaville)
Iron ore prices are collapsing freaking everybody out. (Money Game, MacroBusiness, Sober Look)
Kenya is attracting serious attention from investors. (Big Think)
Economy
The inventory of existing homes for sales continue to shrink. (Calculated Risk)
A bullish data point on the housing recovery. (Money Game)
An interview with Cullen Roche of Pragmatic Capitalism. (Mindful Money)
Earlier on Abnormal Returns
What you missed in our Wednesday morning linkfest. (Abnormal Returns)
Mixed media
A win for the ‘poker isn’t gambling‘ crowd. (Dealbreaker)
Three ways to figure out what stuff you should get rid of. (Bucks Blog)
The supply and demand dynamics of lobster. (Slate)
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