Doug Kass on the risks to the current “second derivative rally.”  (TheStreet.com)

Don’t dismiss the notion that this is simply a whale of a bear market rally.  (Clusterstock)

Hard to go wrong in April allocating assets.  (Capital Spectator)

“(G)ambling can be done on any time frame. One can gamble as a scalper or as a ‘buy and hold’ investor.”  (Trader Mike)

As a practice, naked shorting is almost gone.  (NYTimes.com)

Is there a shortage of short-term paper?  (Zero Hedge)

“Given the lower average historical returns and higher volatility of the May through October period, large-cap stock investors may want err on the side of buying more portfolio protection in the form of index puts during that time.”  (Condor Options)

A new way to play a mortgage market turnaround, SPDR KBW Mortgage Finance ETF (KME).  (IndexUniverse.com)

Three interesting new ETFs on deck.  (SmartMoney.com)

Citadel is now an investment bank.  What it means.  (DealBook, Dealbreaker)

Inside alternative asset manager Fortress Investment Group (FIG).  (TheDeal.com)

20 small cap stocks to avoid.  (Value Expectations)

Charlie Munger was an important part of the growth of Berkshire Hathaway (BRK-A).  (WSJ.com)

Is Warren Buffett overexposed in the media?  (The Reformed Broker)

Chesapeake Energy (CHK) is not comporting itself well on the whole issue of executive compensation.  (footnoted.org, Breakout Performance)

Add Chrysler to the rapidly growing list of companies in default.  (WSJ.com)

Does Chrysler matter all that much anymore?  (24/7 Wall St.)

“Evil speculators” have the temerity to want Chrysler to pay them what it owes.  (Dealbreaker, The Big Money, Money & Co., also Felix Salmon)

In recent bankruptcies, recovery rates have plummeted.  (Economist.com)

Conspiracy theorists unite!  Bank stress test results will be delayed.  (Dealbreaker, naked capitalism, Market Talk)

“Citigroup should be trying very hard to become a very boring bank which can’t blow up. Phibro has no place in such an institution… ”  (Felix Salmon)

“The end of this recession — the most severe downturn since World War II — is finally in sight. This is the clear message from Economic Cycle Research Institute’s array of leading indices of the U.S. economy.”  (TheStreet.com)

“In short, the shoots are much too green and the output gap much too wide to stimulate much discussion on Constitution Avenue that the end of easing has conclusively been reached.”  (Economist’s View)

A nice primer on interpreting GDP growth rates.  (Baseline Scenario)

“The economics that assumes rational behavior on the part of humanity is, in my opinion, dead. It is simply at odds with everyday experience.”  (Atlantic Business)

The plot thickens at 650 5th Avenue.  (FT Alphaville, ibid, ibid also Felix Salmon)

We can’t talk our way out of the swine flu issue.   (Clusterstock)

“What do AOL and Skype have in common?”  (Bits)

On the relationship between diamond prices and the S&P 500. (Sentiment’s Edge)

The management myth.  Why managers would be better off studying philosophy as opposed to business.  (The Atlantic)

Exclamation points rock!!!  (Guardian.co.uk via Arts & Letters Daily)

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