We found a surprisingly high number of items today given the holiday. We hope all of our readers enjoy the long weekend.

A new ETF based on an IPO index is garnering some attention. The First Trust IPOX-1000 Index Fund (FPX) is to our taste, unnecessary if not gimmicky. But Roger Nusbaum at TheStreet.com notes the index has outpeformed a comparable broad-based index. Mark Hulbert at Marketwatch.com reviews the academic evidence on IPO performance. Hulbert, like Nusbaum, believes the fund has a good chance to outperform small growth stocks.

Going Private beat us to an excellent piece by Michael Steinhardt in the Wall Street Journal on who really needs hedge funds? Steinhardt has seen many changes to the world of hedge funds. A telling point is that hedge funds are now an "industry" with all the baggage that comes attached. Worth a read.

Vikas Bajaj at the New York Times notes the bit higher long term interest rates will take on borrowers of all types.

Greg Ip at the Wall Street Journal notes the mixed messages coming out the Fed in regard to a higher Fed funds rate.

James Picerno at the Capital Spectator posits that growing uncertainty over the Fed's path is making investment decision making more treacherous.

Ticker Sense diagnoses yet another case of "it's different this time"-itis.

Controlled Greed highlights a private equity investment available to smaller investors.

Dealbook notes the growing transparency at GMAC acquiror, Cerebrus Capital Management.

MaoXian highlights some commentary from a noted deep value investor on the dearth of attractive investment opportunities around the world.

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