A P/E ratio rising from 10 to 18.35 is what happens when the S&P 500 rallies 50% (the P) while earnings (E) continue to decline.”  (Bespoke)

The rally in corporate debt and loans was too early and fast.  Conditions are not back to normal for creditworthiness.  There should be a pullback in corporate credit.”  (Aleph Blog)

Stepping back and taking a longer term, inflation-adjusted look at the bear market.  (dshort, The Reformed Broker)

Are the signals from the VIX now static-filled?  (Barron’s also Daily Options Report)

Are there still any bargains left in the muni bond market?  (WSJ)

More signs of excessive positive sentiment.  (The Technical Take)

Not all ETFs are traded equally.  (IndexUniverse)

Value investing does not equal “buy an forget.”  (ValuePlays)

How averages can lead us astray in finance.  (Infectious Greed)

An interview with hedge fund manager Guy Spier.  (Manual of Ideas, New Rules of Investing)

Citadel Investment Group is not leaving E*Trade (ETFC) behind.  (Matthew Goldstein)

“Competition and innovation tend to make markets explode from time to time. And while we wouldn’t really be able to blame this one on Bernie Madoff, you could say he helped light the fuse.”  (Time)

A small thaw in the IPO market may bring out a raft of issuers.  (DealBook)

Welcome to the “Rentership Society.”  (Calculated Risk also WSJ)

“While for the time being, the administration may have prevented a slide into a depression, the biggest swing factor – the consumer, and more specifically the 10% that comprise the richest stratum thereof – is very weary…”  (Zero Hedge)

Why is this recession causing so many people into part-time work involuntarily?  (macroblog)

Five questions for David Wessel.  (Free exchange)

Can the Supreme Court remove a barrier to lower mutual fund fees?  (WSJ)

“Of all the observers of the economic crisis of the past year, few have gotten it wronger than Barron’s Gene Epstein.”  (Big Picture)

The “management myth” and the oh-so many problems with management consulting.  (Baseline Scenario)

College, as an asset class, is a bubble.”  (Investing With Options)

Are we becoming a nation of “information addicts“?  (Slate, The Frontal Cortex)

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