The S&P 500’s P/E ratio as jumped.  Should we be concerned?  (Crossing Wall Street)

High yield spreads are back down to levels last seen in September.  (Bespoke)

More hedge-fund like ETFs are on tap.  (IndexUniverse, ibid also market folly)

Jim Simons explains what is going on with RIEF.  (Zero Hedge)

Here is some greater detail on May hedge fund performance.  (market folly)

Warren Buffett is buying muni bonds.  (Felix Salmon, Bloomberg)

Are Blackrock and Barclays Global a good fit?  (FT)

Unlike the US, the Indian stock market is momentum driven, not contrarian.  (MarketSci Blog)

Just what is going on with natural gas?  (greenfaucet, Afraid to Trade)

Oil tracks well with heating oil, but there is a whole lot more going on with natural gas.  (Caveman Forecaster)

“Oil is rising from all viewpoints and the weak dollar is just providing the gravy.”  (Barron’s)

Pricing oil in Big Macs.  Why not?  (Gregor)

“Aside from having more control over prices paid for shares, one of the benefits of selling puts and calls to buy stock is that it forces investors to be disciplined.”  (Barron’s)

Will anyone miss the independent stock research Wall Street was distributing to clients?  (WSJ)

Mutual fund performance is bad enough.  Just take a look when you layer on mutual fund investor decisions.  (designing better futures)

“What kind of genius does it take to turn $517 million into $75 million over the course of 39 months?”  (footnoted)

Eek.  “..emerging-market corporate loans are now five times the size of the corporate bond market.”  (Felix Salmon)

A super-financial regulatory agency is now off the table.  (WSJ, WashingtonPost, Clusterstock)

Who is repaying their TARP funds?  And is it a good idea?  (Clusterstock, Matthew Goldstein, Free exchange)

“The PPIP Plan is dead. Good riddance.”  (Rortybomb also Free exchange)

Americans are saving like mad, but they are still overleveraged.  (Trader’s Narrative, Big Picture)

Ford (F) is behind the eight ball competing against the government.  (Dealbreaker)

No rubber stamp?  The Supremes are going to review the Chrysler bankruptcy.  (Breakingviews, DealBook)

Parsing the role of operational leverage vs. financial leverage in the economic crisis.  (EconLog)

“You’re using 90% of your time and energy on things that have a very low probability of working for you.”  (Andy Swan)

Don’t hold your breath waiting for CNBC and Fox Business to change the way they do business any time soon.  (Condor Options, A Dash of Insight, Big Picture)

“Bailout Nation” may end up being the best book on the crisis.  (Aleph Blog)

On the continuing relevance of the late Peter Bernstein.  (Dealscape)

Does this post look different?  Here’s why.  (Abnormal Returns, StockTwits Blog)