We tried to edit it down, but for whatever reason today’s linkfest is longer than usual. We hope you enjoy the entire thing.

Distressed asset investors are stepping up to the leveraged loan plate. (WSJ.com, NYTimes.com)

Do not expect a big LBO for “at least a year.” (naked capitalism)

Apollo Management LP will pursue distressed assets and an IPO. (WSJ.com, DealBook)

Aren’t hedge funds supposed to benefit from market volatility? (Market Movers)

“If investors start to question the hedge funds’ ability to produce consistently superior returns, they will start to exit the industry in droves — and rightly so.” (Bloomberg.com)

Bankers may start bailing to start their own hedge funds. (DealBook also DealBreaker.com)

“(T)he debt bubble was much more the result of an old-fashioned search for yield than it was the result of a new-fangled search for “alpha”.” (Market Movers)

“The debt markets are so out of whack that we are now at a point where credit risk is being rewarded more than equity risk, something that should never happen in a world where equity investors own only the residual rights to earnings.” (IndexUniverse.com)

“Its hard to really say that stocks are cheap here.” (Big Picture)

What sort of alphas do institutions expect on their investments? (All About Alpha)

Small business sentiment is at a 20 year low. What does that imply for equities? (Minyanville.com)

Consumer sentiment is at levels not seen since 2003. (Trader’s Narrative)

Corporate earnings are the next big worry. (WSJ.com)

UPS warns=Recession. (Calculated Risk)

Building a better global market portfolio. (Capital Spectator)

How did lazy portfolios perform in the first quarter? (Marketwatch.com)

“What is the big deal about 130/30? Marketing.” (Bill Rempel)

Michael Lewis on the rise of analyst Meredith Whitney. (Bloomberg.com)

Ten questions for Irwin Yamamoto. (Kirk Report)

Tough times in Silicon Valley. (NYTimes.com)

Unemployment is not all that useful as a forecasting tool. (Accrued Interest)

How have global risks shifted in the past six months. (FT Alphaville)

The slowdown in shipping at the Port of Los Angeles. (Calculated Risk)

What exactly can monetary policy accomplish? (Mankiw Blog)

What role has oil prices played in the “Great Moderation” of macroeconomic volatility? (Econbrowser)

What next for Seeking Alpha? (The Stalwart)

RIP, the standalone business section. (Crossing Wall Street)

The three benefits of money. (WSJ.com)

“(P)eople appear to create mental measuring sticks that run in increments away from any opening bid, and the size of the increments depends on the opening bid.” (Scientific American)

Take a breath. Cramer inks a contract with TheStreet.com (TSCM). (Silicon Alley Insider)

The Jim Cramer of weather reporters. (Gawker.com)

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