The average Fed day has ourperformed the average day by about 7.5 times.”  (Quantifiable Edges)

AIG (AIG) stock has become a playground for day traders and speculators.  (WSJ)

How to create a synthetic short in AIG, or any other stock for that matter.  (Daily Options Report)

“With the worst of the financial crisis now past, it’s time to break up AIG and move on. AIG rightfully deserves to join Bear Stearns and Lehman Brothers on the ash heap of history.”  (Matthew Goldstein)

Should we be worried about the resurgence in the IPO market?  (Marketwatch)

The launch of an “ultra long bond” futures contract should normalize the 30 year swap spread.  (Across the Curve)

The Yale endowment fund finished down 25% for its fiscal year.  (WSJ, NYTimes, DailyFinance)

I don’t think there is some magic asset allocation that protects you from the buffetings of financial storms without it also trimming your sails during fair weather.”  (Rick Bookstaber)

P/E ratios matter for the stock market.  The question is how much?  (CXO Advisory Group)

What broad-based commodity ETF is the best alternative in the new regulatory environment?  (Morningstar)

Making the case for ETFs to overtake mutual funds.  (Deloitte via IndexUniverse)

The New Zealand dollar has been on a tear of late.  (FT Alphaville)

30 year mortgage rates are now below 5%.  (Calculated Risk)

Leveraged firms are stretched out their debt maturities at the price of higher interest expenses.  (Breakingviews)

Apparently the ratings agencies have not yet learned the lessons from the credit crisis.  (Big Picture)

How much did investors rely on credit ratings in pricing residential mortgage backed securities?  (SSRN)

The “hunger for yield” is aiding California in its bond marketing efforts.  (Money & Co.)

The Fed should put Wall Street on notice that low interest rates will not continue indefinitely.  (Washington Post also Real Time Economics)

Why again did the SEC choose to relax leverage rules on the investment banks back in 2004?  (Epicurean Dealmaker)

Andy Kessler, “It wasn’t reckless schemes and excessive risk that sunk banks and Wall Street; it was excessive leverage. And thanks to cheap money and twisty regulations, risk was extremely undervalued.”  (WSJ)

“The ability to force large financial firms into bankruptcy without causing a financial market panic is an essential component of financial reform.”  (CBS MoneyWatch also Clusterstock)

Government officials don’t care about saving money as much as the appearance of saving money.”  (Megan McArdle)

Americans are driving again.  (Carpe Diem)

Venture capital fund raising is at levels not seen since 1996.  (peHUB)

An interview with the Hoffman brothers from Wall St. Cheat Sheet.  (greenfaucet)

An interview with Jay of market folly.  (My $10,000)

Historical data maybe imperfect, but it remains the only unbiased way to measure risk and make assumptions about the future.”  (Free exchange)

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