Summer schedule today with just the daily linkfest. Please feel free to contact us with any (and all) feedback.

The controversial SEC rule requiring many hedge funds to register as investment advisors was overturned today throwing thousands of (expensive) man-hours into doubt. DealBook points to the relevant documents.

Jenny Anderson in the New York Times looks at the prospects for hedge funds following private equity firms in raising "permanent capital" via public offerings.

Greg Newton at NakedShorts notes a growing trend. Investment banks trying to reduce their loan exposure to hedge funds via asset sales.

As a follow-up to our piece on the emerging markets, Charles Batchelor at the FT.com looks at the current turmoil in the emerging markets.

For those of you who enjoyed our piece "Lifelong learning" may enjoy the most recent quarterly shareholder letter (pdf) from Martin Whitman at Third Avenue Funds. In it he discusses their value approach helps mitigate what we most call risk.

Dealbook points to an Economist article that presages the end of the "bountiful era" for private equity.

Equity Private discusses the peril of due diligence on the 'M' in MBOs.

Jim Wiandt at Index Universe handicaps the "Great Index Provider Horse Race."

Michael M. Schmidt at the New York Times has a backstage look at Trader Monthly magazine.

Troy Wolverton at TheStreet.com looks at how the really rich can maneuver to minimize their taxes.

James Picerno and Barry Ritholtz examine the balance sheet of the American consumer.

We have been reading more about the potential of LEDs for mainstream lighting purposes. Kevin Kelleher at TheStreet.com looks at some of the investment implications.

Daniel Gross in Slate.com on why Boeing (BA) should not pull the plug on their wi-fi project.

Muppets+Weezer=Brilliant! (via Adam Warner)

If you want to join the fast-growing Abnormal Returns bandwagon then please add our feed to your preferred feed reader.