By one measure investors remain underinvested in equities.  (Big Picture)

Small investors are dipping their toes back in the stock market.  (NYTimes)

Documenting the dramatic reduction in daily volatility. (Bespoke)

Examining asset class performance since the market peak in October 2007.  (Capital Spectator)

The improvement in credit markets is a big plus for the equity markets.  (A Dash of Insight, Mish)

The recession has put a great deal of pressure on dividends and stock buybacks. (WSJ)

Gold is to us today what real estate was not too long ago. It’s the “near-sure” route to speculative gains for a rapidly growing portion of society.”  (The Money Game)

Harvard and Yale both faced 30% losses on their endowment portfolios for the fiscal year end.  (WSJ, Bloomberg, NYTimes)

Harvard is shifting management back in house.  (DealBook)

Has the case for timberland as an asset class changed now that ownership has shifted into investor hands?  (Morningstar)

The growing divergence in hedge fund assets under management.  (All About Alpha)

Jim Chanos on how to regulate hedge funds.  (Hedge Fund Facts via Clusterstock)

Ignore David Einhorn’s position in the credit rating agencies at your own risk.  (market folly)

Has Eddie Lampert killed Sears Holdings (SHLD)?  (Clusterstock, Jeff Matthews)

Skeptical takes on the wisdom of a Kraft (KFT) acquisition of Cadbury (CBY).  (Marketwatch, Value Expectations)

Is there a market for a Harry Dent-managed active ETF?  (IndexUniverse)

Using the output gap as a predictor of stock returns.  (SSRN)

One can’t improve on your trading process if you can’t clearly identify it. (TraderFeed)

Two of the five qualities a successful speculator needs.  (Wall St. Cheat Sheet)

No matter what Tim Geithner says money market mutual funds are still backed by the government.  (Telegraph also Clusterstock)

Proposed rule changes risk putting and end to A2/P2 commercial paper.  (WSJ)

“So are leverage ratios the new VaR?”  (FT Alphaville also Felix Salmon)

Have we just swapped the Greenspan put for the Bernanke put?  (Baseline Scenario)

Wall Street is stuck on a short-term treadmill.  (WashingtonPost)

“How the heck can we run a modern economy when college grads have falling real wages? The answer is, we can’t.”  (BusinessWeek)

Documenting the relationship between increased leverage (via mortgage equity withdrawals) and the severity of the subsequent downturn.  (Calculated Risk)

“If economists were unable to see their way to the macroeconomic consequences of the unfolding crisis, criticism needs to start with that [New Keynesian] framework.”  (macroblog)

It’s time to shrink Fannie and Freddie until they don’t matter to the markets.  (Atlantic Business)

(W)hat is the energy policy of the United States? I frankly have no idea. It’s never been articulated.”  (Gregor Macdonald)

Our financial skills seem to diminish with age.  (Real Time Economics)

Intellectual property is the hot new alternative asset class.  (Economist)

An interesting examination of the future of online finance.  (Valuecruncher)

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