Quote of the day

Howard Simons, “Diversification still exists, but it takes a little longer to provide its rewards than it did previously.”  (Minyanville)

Chart of the day


Some interesting equity market “valuation ovals.”  (Hussman Funds)

Video of the day

David Einhorn on WealthTrack.  (via Pragmatic Capitalism)

Markets

Muni yields are now well in excess of Treasury yields.  (Bloomberg)

Another look at Thanksgiving week tendencies.  (Quantifiable Edges)

The hedge fund crowd still hearts gold.  (Bloomberg)

The stock-bond correlation has gone negative.  (Bloomberg)

A bit of divergence between the VIX and sector implied volatility.  (WSJ)

While similar, don’t forget that ETNs and ETFs are two different structures.  (AR Screencast)

A dividend-centric emerging market fund is coming from iShares.  (IndexUniverse)

Research

Just what have we learned in the past half century from empirical finance?  (Economist via Big Picture)

More evidence that retail traders are “noise traders.”  (Journal of Finance)

On the existence (or not) of risk premia.  (Falkenblog)

Strategy and Tactics

Howard Lindzon, “Choose pitches wisely. Take the best stock entries that fit your style and maybe less of them, and above all stay in the game.”  (Howard Lindzon)

Paying attention to the supercycles affecting stocks.  (The Reformed Broker)

Commodities are not a buy-and-hold asset.  (All About Alpha)

An interview with hedge fund manager Harris Kupperman. (Distressed Debt Investing, ibid)

The stock market vs. the investing in small businesses.  (Locklin on science)

Companies

Netflix (NFLX) bows to the new realities and introduces a streaming-only plan.  (WSJ, Bits, 24/7 Wall St. also Bespoke)

Would you pay $1 a week for a tablet only newspaper from News Corp. (NWS) and Apple (AAPL)?  (Guardian, Apple 2.0, Asymco)

Kinect from Microsoft (MSFT) “a very palpable hit.”  (Jeff Matthews also CNNMoney)

Can broadcasters avoid the fate of the music business?  (Bloomberg)

The opportunity in HVAC.  (Lex)

Insider Trading

How the Fed’s investigation of expert networks went public.  (WSJ also Dealbreaker)

The insider trading investigation has moved to hedge funds.  (WSJ, Deal Journal)

Is buy-side research going to be forever changed?   (New Rules of Investing, Clusterstock)

Ireland

Ireland gets a bailout for the holidays.  (WSJ, Bloomberg, FT Alphaville, Financial Post)

Skepticism reigns about the Irish bailout.  (Felix Salmon, Money Game, Pragmatic Capitalism, The Source, Zero Hedge, Curious Capitalist)

Euro stocks are holding up better than you think.  (VIX and More)

Is Portugal next?  (MarketBeat, Felix Salmon)

Barry Eichengreen on the Euro.  (FiveBooks)

Finance

What good is Wall Street?  (New Yorker also The Epicurean Dealmaker)

Wall Street is hiring. (NY Post)

How much exposure do the banks have to mortgage putbacks?  (Big Picture)

Commercial real estate prices seem to be chopping around.  (FT Alphaville)

On the ever evolving blogosphere.  Paul Kedrosky hooks up with Bloomberg.  (Bloomberg, The Wire, Big Picture)

Economy

Shoppers are out in full force.  (Big Picture also Money Game, USA Today)

The Chicago Fed National Activity Index was up a tad in October.  (Pragmatic Capitalism)

Markets are not cooperating with the Fed.  (WSJ)

QE2 is making borrowing more expensive for the states.  (Money Game)

Putting the Obama stock market (and economy) into perspective.  (Robert Weigand, FiveThirtyEight)

Economist as park ranger.  Or maybe museum curator.  (EconLog, Modeled Behavior)

China

China is trying to “manage inflation expectations.”  (Reuters)

China hearts coal.  (NYTimes)

Why the US will not get a Chinese-style system of high speed rail.  (Megan McArdle)

Just because

You need to get yourself a good story.  (The Reformed Broker)

Revisiting one of Malcolm Gladwell’s big (hockey) ideas.  (Globe and Mail)

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