Risk today depends upon the consequences of what somebody else will do, not on what God or nature will provide.” (NYTimes.com)

An analysis of the equity portfolio performance of Warren Buffett and Berkshire Hathaway (BRKa). (SSRN.com via Sham Gad)

If the private equity guys are so smart, why are they trying to back out of so many deals? (NYTimes.com)

What would a 20% drop, i.e. bear market, look like for the Dow’s component stocks? (Bespoke Investment Group)

Research into the seasonality of the cross-section of stock returns. (NYTimes.com)

Has the elimination of the down-tick rule really caused higher volatility? (Daily Options Report)

Volume expansion vs. margin compression in the options business. (Barrons.com)

Press reports and credit loss ratios at Fannie Mae (FNM). (Calculated Risk)

On the futility of trying to make sense of short-term market moves. (Market Movers)

Catching up with “consensus” hedge fund stock picks. (World Beta)

More hedge funds are looking to raise funds to invest in distressed mortgage assets. (TheStreet.com)

Why Warren Buffett might want the estate tax to stay just the way it is. (DealBreaker.com)

ETFs of ETFs are soon a reality. (WSJ.com)

Eight new ETFs coming down the pike. (IndexUniverse.com)

Japan, especially small cap, is cheap. (Aleph Blog)

Is the Fed really looking at a “balanced” risk of inflation and recession? (Accrued Interest)

Bond fund managers who jumped the gun are being hurt by the credit crunch. (WSJ.com)

Beauty (really) is in the eye of the beholder. (Odd Numbers)

Income inequality…on NFL rosters. (Mankiw Blog)

Thanks for checking in with Abnormal Returns. You can always reach us with questions and/or comments.