Be wary when even the “smart money” is losing their shirts. (TheStreet.com)

U.S. asset prices need to fall according to Stephen Roach. (FT Alphaville)

Is the recession already here? (Big Picture)

Will the U.S. dollar benefit from global economic weakness? (FT Alphaville)

U.S. interest rates remain among the lowest in the world. (Infectious Greed)

10-year TIPS-derived inflation expectations. (Economist’s View)

The impact of volatility and closed markets on the stock market. (Crossing Wall Street, ibid)

Insiders are still bullish. (Marketwatch.com)

“I still hate dividends.” (Andy Kessler via Infectious Greed)

This can’t be good, “risk can’t be measured any more.” (Alea)

Goldman’s Global Alpha fund was down some 39% in 2007. (Market Movers, Financial News)

Hopefully ETF designers will learn a lesson from the debacle that is MacroShares oil ETFs. (Alea)

The worst new ETFs of 2007. (Morningstar.com)

More muni ETFs are coming to market. (IndexUniverse.com)

Are managed futures an asset class? (SSRN.com via World Beta)

“Investor optimism” polls have little predictive ability for the stock market. (CXO Advisory Group)

A closer look at PowerRatings. (Kirk Report)

Is it really possible to create an unbiased 130/30 index? (All About Alpha)

A not-so-hot year for the “magic formula.” (AllFinancialMatters via World Beta)

“Embracing your mistakes is the greater part of resilience.” (TraderFeed)

That is where all those Yale University endowment returns are going. (WSJ.com)

A survey of economics bloggers. (26econ.com via Bill Rempel)

How to fix the Fox Business Channel. (Daily Options Report)

A look inside the management culture at Google (GOOG). (Infectious Greed)

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