Hot money flows into China while the market tanks.  (Brad Setser, FT Alphaville)

Don’t look to book value as a measure of value for banks.  (Deal Journal)

Welcome to the First National Bank of Blackstone….The Fed looks to ease private equity investment in banks.  ( also naked capitalism)

Investment banks still further to go with their headcount reductions.  (DealBook)

Are SPACs a good place to hide in a tough market?  ( also DealBook)

“(Y)ou should indulge [in speculation] as an investor only if you have a well-diversified portfolio designed for the long term.”  (

“The biggest mistakes most experienced investors make, Bernstein said, are not knowing enough economic and market history and conflating economic growth with equity returns. ”  (

Hard to make heads or tails of the pronouncements at Cramerica.  (Daily Options Report)

The Dow stinks as an index and is now down for the millenium.  (Crossing Wall Street, ibid)

It is shaping up as the worst June for the stock market since the Great Depression.  (Infectious Greed)

Is it possible to exploit medium-term industry momentum using ETFs?  (CXO Advisory Group)

Asset class performance during periods of high inflation.  (World Beta)

Emerging markets have benefited from a higher concentration in commodity shares.  (

“It may be that the stock market is growing worried that high oil prices contain the seeds of their own destruction.”  (Floyd Norris)

More on the nature of speculation and the run-up in oil prices.  (EconLog, Economist’s View, Marginal Revolution)

“The IRS measure of energy inflation is far outstripping what the BLS has stated is happening with fuel prices. ”  (Big Picture)

“If an inflation psychology is returning, not all the rich world’s central bankers appear to be treating it with the same degree of fear.”  ( also MarketBeat)

What is the deal with this blog?  (Abnormal Returns also Street Capitalist)

What is the #1 pick in the NBA draft worth to a team?  (Odd Numbers)

Have we missed an interesting post in the investment blogosphere? If so, feel free to drop Abnormal Returns a line.