Due to the Memorial Day holiday there will be no linkfest tomorrow.  We hope all of our readers enjoy the holiday!

What Ben Graham would think of the stock market after its recent rally.  (WSJ)

A look at S&P 500 company valuations:  the confusion continues.  (Zero Hedge)

The week after Memorial Day seems to be bullish for both stocks and the VIX.  (Trading the Odds also VIX and More)

“My own view is the current market environment is more similar from a psychological perspective to the 1966-1982 secular Bear market than 1938.”  (Big Picture)

Hedge fund manager Cliff Asness comes out on the other side of the economic crisis chastened, but still looking for opportunities.  (WSJ)

David Swensen of Yale on the value of TIPS in this environment.  (Bloomberg)

The high yield market is a bit ahead of itself.  (Barron’s)

The state of investor sentiment at week-end.  (Trader’s Narrative, Pragmatic Capitalist)

Does the market care about potential “inflationary pressures“?  (The Technical Take)

The Russian stock market is nothing if not volatile.  (NYTimes)

Have you looked at the Indonesian market recently?  (Fund My Mutual Fund)

When hedge funds launch these days they are:  smaller, thriftier and more closely scrutinized.  (Fortune)

Five questions to ask before any trade.  (Minyanville)

Viewing time away from the trading screen as an insurance policy.  (TraderFeed)

“If you had been trading on insider information on the stress tests, you would have gotten your shirt handed to you.”  (Ezra Klein)

The difference between Wall Street and independent analysts has “large disappeared.”  (NYTimes)

LP defaults are a real possibility for PE fund managers.  (Deal Journal)

Option (and warrant) pricing for beginners.   (Baseline Scenario also Aleph Blog)

American consumers’ mood has become somewhat more positive.  (Bespoke)

By one estimate the effect of the stimulus is “pitifully small.”  (Clusterstock)

The unemployment rate in the US could soon exceed Europe.  (NYTimes)

Investor demand for government debt is not unlimited.  (FT Alphaville)

“(W)e might have to start questioning the automatic assumption that Treasury bonds and gilts are “risk-free”, for foreigners at least.”  (Free exchange)

The commercial real estate market may be in for a “violent upheaval.”  (Clusterstock, Pragmatic Capitalist)

Once bulletproof Las Vegas is seeing a perfect real estate storm.  (Calculated Risk)

What is “the mechanism behind a coming W-shaped recession?”  (Felix Salmon)

Economics failed us.  Economics 101 is never going to be the same again.  (NYTimes also The Atlantic)

Path dependency in economic development.  The case of the US and Argentina.  (Infectious Greed)

“Financial Shock” is a good introduction to the financial crisis.  (Aleph Blog)

“The SWFs, it turned out, have been felled by the same forces that have brought down so many other investors, including private-equity and hedge funds—a reversal of economic trends that propelled them to prominence and poor decision-making.”  (Slate)

Edmund Andrews responds.  (Megan McArdle also Felix Salmon)

“I am sure someone high up at CNBC thinks the yelling has merit but they are running off the hardest of its hard core audience.”  (Huffington Post)

Using Twitter as a “virtual trading analyst.”  (TraderFeed)

“StockTwits is on the money.”  (Compete)

“The role of communications media — blogging, tweeting, aggregating — is to extend the circle of engagement, not build walls”  (Atlantic Business)

What is the best sports city in the world?  (Daniel Drezner)

Curious what other bloggers are saying about Abnormal Returns? So are we. Feel free to check out a compilation of reviews.