“So yes, Berkshire might be looking cheap — but other stocks are looking cheaper, and always remember that Berkshire, like any insurance company, is very highly leveraged, with contingent liabilities many times higher than its asset base.”  (Market Movers also MarketBeat, Daily Options Report)

“Suffice to say that the surge in Treasuries — and rise in credit spreads — isn’t a good sign.”  (Follow the Money also Aleph Blog, Alea)

You know times are tough when simple arbitrage can’t get done.  (WSJ.com)

“It’s a bear market, not a financial meltdown.”  (Market Movers)

Is the stock market bottom in?  “Unfortunately, the verdict of sentiment indicators is mixed at best.”  (Marketwatch.com)

“Are yields now sufficiently high to compensate for the higher level of defaults that are surely coming?”  (Capital Spectator)

Individual investors are holding near-record low allocations of equities.  (Big Picture)

Global P/E ratios now lurk in the single digits.  (FT Alphaville)

Amidst the current bear market, the S&P 500 is now more like the S&P 314.  (Trader’s Narrative)

Goldman Sachs (GS) now trades below its IPO price…nearly a decade later.  (WSJ.com)

J.P. Morgan (JPM) rules the league tables.  (breakingviews.com/NYTimes.com)

“Citi’s common stock is now worth less than the government pumped into the company last month.”  (Clusterstock)

“However, in times of severe market stress (now), the timing model can outperform by far greater amounts.”  (World Beta)

Small ETFs are becoming difficult to trade in this environment.  (WSJ.com)

Hedge funds were crushed in October and redemptions continue apace.  (Morningstar.com, FT Alphaville)

Dennis Gartman’s rules of trading.  (market folly)

Why was an easily replicable closed-end fund trading at a premium?  (SSRN.com)

Will “all hell break loose” at the New York Times (NYT) now that the dividend has been slashed?  (Mixed Media)

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