Another day, another set of worth links.

First of the month…it must mean another edition of FundAlarm’s highlights and commentary is out.

We have noted this previously, but Mark Whitehouse and Craig Karmin in the Wall Street Journal explore the issues surrounding a change in Japan’s monetary policy. Random Roger has a note on the implications of rising Japanese interest rates.

Also in the Wall Street Journal is a piece by Jesse Eisinger that explores the difficulties involved in being a short seller and why we might be better off with more short selling. Barry Ritholtz noted the piece as well.

Drake Bennett in the Boston Globe takes an even-handed look at the long term prospects for the oil market noting that our actions above ground are more important than the precise amount of oil remaining below ground.

Speaking of commodities, Jonathan Clements in the Wall Street Journal explores the implications of the rush of capital into hard asset funds.

Random Roger has a contrarian thought on commodities and all the attention they are receiving from financial writers.

Alistair Barr at notes the rate at which hedge funds are being formed and liquidated increased greatly in 2005.

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