Nobody knows what is going to happen to Lehman Brothers (LEH).  (Market Movers)

“On paper, Lehman Brothers Holdings doesn’t exist.”  (Deal Journal)

In part, because Lehman is down to its last option – sell out to a more liquid player.  (NYTimes.com, FT.com, Market Movers, Deal Journal, naked capitalism, Information Arbitrage)

Lehman Brothers may be the biggest losers in the collapse of its stock price.  (WSJ.com, NYTimes.com, ClusterStock.com)

The difference between Lehman and Merrill (MER).  (Dash of Insight)

“Turns out, maybe “naked short selling” was not the real problem at Fannie Mae.”  (Jeff Matthews)

Perspective on the credit crisis and the continued failure of financial institutions.  (EconLog)

“Some of the young people who flocked to the hedge fund industry have begun to doubt its future.”  (NYTimes.com)

“Fear and anxiety may be rising slowly in U.S. markets, but in the critical economies of Brazil, Russia, India, and China, signs of panic are much more widespread.”  (VIX and More)

Different ways to conduct a sector rotation strategy.  (Aleph Blog)

“Always think of options as a two-pronged bet.”  (Daily Options Report)

Patience is the key in making global tactical asset allocation decisions.  (IndexUniverse.com)

Strong returns for Harvard University’s endowment fund.  (WSJ.com)

The returns to a mean-reversion strategy for asset classes.  (World Beta)

The yen is strong.  The carry trade is weak.  (MarketBeat)

While others are noting the ‘Japanification’ of Wall Street.  (FT Alphaville)

The when will house prices bottom debate continues apace.  (Odd Numbers, Real Time Economics)

OPEC died decades ago.  (Mish)

Competition in econoblog rankings.  (26econ.com)

Will Gates & Seinfeld become the next great comedy duo?  (Silicon Alley Insider)

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