“There’s never been a level playing field in markets.”  (Clusterstock)

Second-tier firms are benefiting from the challenges at top Wall Street firms.  (WSJ)

Good ideas in the world of distressed debt are becoming scarce.  (Distressed Debt Investing)

What do you get when you put two hot trends together?  The Claymore/AlphaShares China Real Estate ETF (TAO), that’s what.  (VIX and More)

Bond ETFs are gushing with assets as Vanguard prepares to launch some more.  (WSJ also IndexUniverse)

REIT prices have shrugged off all the talk of a real estate wipeout.  (Barron’s)

What have the MacroShares Housing ETPs done since launch?  (ETF Database)

Many hedge funds are still meaningfully under their high water marks.  (WSJ also FT Alphaville)

“Why was Russia ever in BRICs to begin with?”  (Clusterstock)

It is unlikely that flash orders can have much effect in the options market.  (Daily Options Report)

On the value of giving your portfolio manager some leeway.  (Morningstar)

An assortment of ETF portfolios.  (Kiplinger’s)

Trading costs play a big role in the profitability of buy-write strategies.  (CXO Advisory Group)

NetJets is a problem for Berkshire Hathaway (BRK).  (Barron’s also market folly)

The New York Fed is hiring traders to manage its bulging portfolio.  (FT also Zero Hedge)

“..shareholders would likely do a poor job of evaluating pay packages.”  (Clusterstock)

Cash is building up on corporate balance sheets.  (Atlantic Business)

Nouriel Roubini on what countries weathered the global downturn.  (Forbes also Daniel Drezner)

Don’t hold your breath for a 10% unemployment rate.  (FiveThirtyEight)

Would GDP-indexed bonds be an attractive diversifier?  (The Stash)

“North American oil production more broadly, however, is a lovely example of how higher prices do not result in higher supply.”  (Gregor Macdonald)

“Just because private equity is seeing some renewed enthusiasm doesn’t mean its “back.”  (peHUB)

Benchmark Capital is on a roll.  (Deal Journal)

“So what can we draw from the game of poker to help us be better stock market investors?”  (Dasan)

An interview with trader Todd Stottlemyre.  (Wall St. Cheat Sheet)

Where does Twitter stand on the “hype cycle of emerging technologies“?  (Eric Auchard)

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