Follow-up on Refco-Rogers in the Wall Street Journal.

The new FundAlarm commentary is up. Always worth a look.

Jonathan Clements in the Wall Street Journal likes the prospects for Japanese stocks, despite the run-up. Clements believes most investors are still gun-shy about Japan which makes for a good contrarian investment opportunity.

Year end lists are beginning to crop up. Arne Alsin at with the first installment of his Top 10 Turnarounds for 2006.

Emma Trincal at reports on growing concentration in the hedge fund world. The top 50 hedge funds (of some 8,000-9,000) control some one-third of assets under managment. There is an inherent tension between performance and size. Analysts for some time have been wary of increasing assets under management putting pressure on overall hedge fund returns.

Ticker Sense on the strong returns seen on the first day of the month. December seems to be no exception.