Have you sold anything yet?  (The Technical Take)

Silly season has begun.  Anecdotal reports of investors reaching for returns.  (A Dash of Insight)

Joshua M. Brown, “(G)old is now the quintessential risk trade, moving in tandem with risk appetites and the pursuit of momentum by investors around the world.”  (The Reformed Broker also MarketBeat)

The lesson from the past decade is that “stocks are risky.”  (BusinessWeek)

The CBOE put/call ratio has yet to signal a market peak.  (VIX and More)

The clock is now ticking on a deal for the Chicago Board Options Exchange.  (Dealbreaker, WSJ)

The expectations ratio keeps falling.  (The Pragmatic Capitalist)

The stock market has moved into overvalued territory when looking at 10-year P/E ratios.  (Economix)

Is the UK stock market now cheap?  (FT Alphaville)

Hedge fund launches are on the rise albeit with lower initial AUM than before the financial crisis.  (WSJ)

Do some emerging markets deserve a new label like:  advanced emerging markets.  (Fortune Investor Daily)

The emerging market bonds are overvalued meme grows by the day.  (ROI, Barron’s)

Brazil has been a strong performer YTD.  What about it’s volatility?  (Daily Options Report)

On the differences between sovereign and quasi-sovereign credit risk.  (Aleph Blog)

There is a steady supply of “zombie companies” that will provide fodder for distressed debt investors for years to come.  (Absolute Return+Alpha also Distressed Debt Investing)

The day in ETF launches.  (InvestmentNews)

Quants need to change their factors and models to get ahead of the crowd.  (Reuters, Dealbreaker)

Are companies better off meeting or exceeding earnings estimates?  (CXO Advisory Group)

A new paper looks at the factors driving the returns on currency carry trade strategies.  (NBER)

Blaming the Efficient Markets Hypothesis for the financial crisis is misplaced at best.  (SSRN)

Why some traders keep losing money.  (TraderFeed)

CMBS deals are happening once again.  (Dealbreaker)

Morningstar (MORN) gets into the credit rating business.  (WSJ)

David Leonhardt, “Dubai was a stress test, and the financial system passed.”  (NYTimes)

Can the Fed shift gears and become more proactive in combating financial bubbles? Not unlike Wayne Gretzky. (WSJ, Real Time Economics also Big Picture)

A little too late, but the FHA looks to increase standards for home borrowers.  (WashingtonPost, Calculated Risk)

“Recent indicators continue to support the impression that we’re in the midst of a weak economic recovery.”  (Econbrowser)

Are the benefits to the economy of inventory rebuilding exaggerated?  (DJ Market Talk)

Hard to imagine how inflation gets going with employment trends still so weak.  (Capital Spectator)

The energy shock precipitated the financial shocks that followed.  (Jeff Rubin)

On the benefits of enhanced “start-up visas” to help jump start jobs growth.  (WSJ)

On the benefits of the shared CIO model for smaller college endowment funds.  (Institutional Investor)

James Kwak, “The basic issue is that the chances that one person will be able to transform a company of one hundred thousand people are pretty low.”  (Baseline Scenario)

Fred Wilson, “Following the herd, however, is not a recipe for good investment performance. And yet so many do it. That’s why they are called herds.”  (A VC)

StockTwits’ plans for the future.  (Howard Lindzon, TechCrunch, peHUB, Foundry Group, Minyanville)

The financial rogue waves meme takes hold.  (MoneyScience, Technology Review earlier Abnormal Returns)

The ultimate at-home trading station.  (The Money Game)

Somali pirates are looking to cash out.  (Marginal Revolution)

For stat geeks, a primer on Simpson’s Paradox.  (WSJ)

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