Quote of the day
Joe Weisenthal, “Bill Gross doesn’t have to write a long monthly letter that he posts on his website. He does it because it’s great marketing.” (Money Game)
Chart of the day
The long bond breaks support. (Bespoke)
Markets
The ducks are quacking for more TIPS. (WSJ)
The end of the bull run in bonds….What comes next? (EconomPic Data, Crossing Wall Street)
Are individual investors getting too bullish? (Money Game, Pragmatic Capitalism)
81% of S&P 500 companies have beat earnings this quarter. (Marketwatch, Money Game)
Hedge funds are reducing their risk profiles. (Market Folly)
A growing divergence between new highs/new lows and the stock market. (Trader’s Narrative)
Emerging markets, both bonds and stocks, are getting expensive. (Lex also Clusterstock)
Debunking the 11 second holding period meme. (Big Picture)
Companies
The oil tanker surplus is getting worse. (Money Game)
Is 3M (MMM) a ‘stealth play’ on the iPad? (MarketBeat)
How the selection of Combs by Buffett fits with this core principles. (Greg Speicher also MarketBeat)
Rare earth metals get their own ETF, the Market Vectors Rare Earth/Strategic Metals ETF (REMX). (AR Screencast)
Brokers continue to flee from the big banks. (The Reformed Broker)
Strategy and Tactics
On the benefits of portfolio rebalancing. (Aleph Blog)
How applying a timing overlay affects the returns to a popular investment strategy. (World Beta)
Stock buybacks often leave shareholders worse off. (Credit Writedowns)
Why do bears always seem smarter than bulls? (Pragmatic Capitalism)
Flowchart as investment checklist. (Old School Value)
Steven Place, “Here’s a fun fact: the VXX is performing exactly as it is supposed to.” (Investing With Options also Condor Options)
Housing mess
Putting a price on the banks’ exposure to the ‘mortgage mess.’ (CNBC also Clusterstock)
A mortgage mess linkfest. (Big Picture)
Why home price reports are irrelevant. (Pragmatic Capitalism)
Economics
Better than expected economic reports keep coming in. (VIX and More)
Signs that the economy is not falling off the cliff. (ValuePlays, ibid)
The jobs recovery keeps getting pushed out. (Economist’s View)
Is quantitative easing the new normal? (Economics One)
QE2 has become for many the panacea for all our economic woes. (TheStreet)
Costs are on the rise in China. (Gavyn Davies)
What is the difference between “economic bloggers” and “blogging economists“? (A Dash of Insight)
Raghuram Rajan wins the 2010 FT-Goldman Sachs Business Book of the Year award. (FT via Money Science, DailyFinance)
Are we already producing too many college (and law) graduates? (NetNet, Slate)
Just Because
Sometimes you just have to take a shot. It may just work out. (The Reformed Broker)
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