This rally has been built on the back of individual investor skepticism.  Some 90% of flows into mutual funds this year has avoided equities.  (Fund My Mutual Fund)

A rare occurrence for the stock market.  (Abnormal Returns)

Playing an overbought market with call options.  (Investing With Options)

Hedge funds have come out on the other side of the crisis.  (All About Alpha)

Perhaps hedge funds need to be deregulated, breaking down the wall that restricts hedge fund investing only to the wealthy.”  (NYTimes)

More talk that the 2 & 20 fee structure for hedge funds is under pressure. (NYTimes also MarketWatch)

What is the FedEx (FDX) indicator telling us about the global economy.  (The Money Game)

The worst places to have your money in 2009.  (Money & Co.)

Investors need to get out of their comfort zone to find new patterns.  (VIX and More earlier Abnormal Returns)

Leveraged loan investments have paid off for private equity firms.  (WSJ)

Individual investors following the big endowment funds got lulled into a false sense of security by investing in alternative investments.  (Morningstar)

The US mutual fund industry isn’t great, but it looks pretty good compared to Germany and the UK.  (Curious Capitalist)

The SPDR Wells Fargo Preferred Stock ETF (PSK) launches.  (24/7 Wall St.)

Taking a closer look at the performance of the ProShares Credit Suisse 130/30 Index ETF (CSM).  (IndexUniverse)

Europeans love their ETFs as well. (FT Alphaville)

The introduction of an ETF drives up the discount on similar close-end funds.  (SSRN)

What to make of the rally in natural gas prices.  (MarketBeat)

High frequency trading is not market making.   (Matthew Goldstein)

What the “pub power” signal means for the stock market?  (EconomPic Data)

Good advice.  “When it comes to advice, especially in financial matters, it’s always best to pay directly rather than indirectly.”  (The Psy-Fi Blog)

Why did Victorian England invest so much abroad?  Returns, of course.  (SSRN)

“Multiple studies have shown no evidence that shareholders of acquisitive companies do better than their stingier counterparts.”  (WSJ)

Apparently Barclays (BCS) did not get the post-crisis memo on off-balance sheet entities.  (Clusterstock)

Can regulation prevent Wall Street from creating “toxic sludge“?  (Rick Bookstaber)

Are crisis-related prosecutions on Wall Street pretty much over?  (The Daily Beast)

Paul Volcker wants banks to act more like banks and less like hedge funds  (Big Picture, Matt Taibbi)

Looking to the NFL for risk management lessons.  (Crossing Wall Street)

Is Twitter worth $1 billion?  (TechCrunch, paidContent, AllThingsD also Howard Lindzon, 24/7 Wall St.)

“Twitter [and StockTwits] is resurrecting in cyberspace the teeming trading pits of yesteryear as traders sign up with the the social networking site to reconnect with global counterparts.” (FT)

How Felix Salmon became a blogging bigfoot.  (The Big Money also Felix Salmon)

Are “luxury dorms” the latest sign of the “college bubble”?  (Chicago Tribune)

An interesting interview with Chipotle (CMG) founder Steve Ells.  (WSJ)

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