Irrational exuberance, indeed.  The market is below the levels when Alan Greenspan gave that famous speech.  (Big Picture)

It’s hard to use P/E ratios when ‘E’ is a moving (downward) target.  (WSJ.com)

The market’s fall has brought valuations in line with normal market conditions.  But does it matter? (Economix also Howard Lindzon)

A $5 share price and/or a $3 billion market cap has become a rare commodity in this bear market for erstwhile blue chips.  (Woodrow)

Doug Kass calls a market bottom.  (TheStreet.com, Clusterstock)

Some breadth indicators are reaching an extreme.  (Quantitative Edges)

“Sometimes a desensitized investment community is more likely to form a bottom than a panicky one.”  (VIX and More)

The investment case for Berkshire Hathaway (BRK-A).  (Barrons.com)

GE Capital looks smart for exiting from the U.S. residential-mortgage market before it blew up. For piling into Eastern Europe around the same time, much less so.”  (WSJ.com also Dealscape)

On how to build a better leveraged ETF.  (Daily Options Report)

The updated ETF Deathwatch for March.  (Invest With an Edge)

The downturn is forcing hedge funds to get creative.  (market folly)

Hedge funds are bottom fishing in the toxic MBS pond.  (Clusterstock)

The lessons from today’s crisis are surprisingly quite simple.  (Alea)

None of us have the relevant experience for this particular crisis, so our models are suspect.”  (A Dash of Insight)

The wealthy are “hunkering down” awaiting years of economic malaise.  (Deal Journal also Bespoke)

Six signs that will tell us the recession is ending.  (24/7 Wall St.)

Some random good news.  (Infectious Greed)

What is the best way to get rid of ‘zombie banks‘?  (Economist’s View)

Additional analysis of the increasingly ugly (and costly) AIG bailout.  (Deal Journal, NYTimes.com, Market Movers)

Public pension shortfalls are looming as the next big problem.  (Dealbreaker also Zero Hedge)

A closer look at the problems facing universities who have come to rely on the returns from illiquid investments like private equity.  (DealBook)

Michael Lewis on the collapse of the Icelandic economy, nee hedge fund.  (VanityFair.com)

Is it possible to re-create the innovation inherent in Silicon Valley.  (GigaOm)

Can you keep Ron Insana down on CNBC after he has seen SAC?  (Dealbreaker)

Rick Santelli responds to the critics of his spontaneous rant.  (CNBC.com, NYTimes.com, Big Picture)

Microsoft (MSFT) tries to get back into the Internet search game.  (Silicon Alley Insider)

Do you read Abnormal Returns via e-mail?  Please add our e-mail address to your safe sender list to ensure delivery.  Any one can visit this simple sign-up form to receive all of our posts delivered (almost) daily.