“In short, it is very hard to quantify the precise irrationality of investors.” (Economist.com)

Signs of heightened credit risk in the world of investment grade and commercial real estate bonds. (WSJ.com, ibid)

The complexity of modern capital markets makes “fixes” and bailouts nearly impossible for the major financial institutions. (naked capitalism)

Housing is illiquid. It is hard to trade and it takes time for supply to respond to demand. As a result, once house prices start to rise, they can develop momentum…” (FT Alphaville also Market Movers)

Did auditors help cause the sell-off in auction-rate securities? (DealBreaker.com)

One of the challenges in commodity investing is choosing between the underlying commodity and equity in the producers. (Bespoke Investment Group)

The political risk in idiosyncratic investment risk. (All About Alpha)

The stock market is going to do something, sometime soon. (Daily Options Report)

“It doesn’t take a Ph.D. in finance to choose a roughly real 1.5% TIPS yield over a slightly negative real yield in a nominal Treasury.” (Capital Spectator)

The entrance of investment banks into the world of ETFs is unlikely to bring fees down. (Beta Brief)

A look at the ever expanding roster of fixed-income ETFs. (Morningstar.com)

Some new ETFs apply a fundamental weighting scheme to some familiar equity indices. (IndexUniverse.com)

Purity is a problem when it comes to socially responsible investment funds. (Marketwatch.com)

Choice quotes on trading from William Eckhardt. (Kirk Report)

Signs of stagflation are going to make the Fed reluctant to continue their rate cut regime. (Econbrowser)

What to look for in the future from the NBER. (Real Time Economics)

A positive review for Tim Harford‘s second book “The Logic of Life.” (Economist.com)

A timely recommendation for “The Panic of 1907” by Robert F. Bruner and Sean D. Carr. (Floyd Norris)

Clean out your cubicle. (Fortune.com)

Have we missed something new in the investment blogosphere? Feel free to drop Abnormal Returns a line.

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