Quote of the day

Steven Place, “Ideas are garbage; it’s execution and risk management that matters.”  (Investing With Options)

Chart of the day

The rising Australian dollar has put a damper on its stock market.  (WSJ)


A breadth divergence is setting up.  (Bespoke)

Investors continue to buying calls hand over fist.  (Trader’s Narrative, Credit Bubble Stocks)

Have the US equity markets already gotten all they could wish for?  A review.  (AR Screencast)

High yield bonds are no longer cheap.  (EconomPic Data)

Lumber is rallying.  (StockCharts Blog)

Debunking the idea of vast short silver positions.  (Kid Dynamite)

How to make the VIX-based ETNs work as a portfolio hedge.  (InvestorPlace)

A review of the VIX ETPs.  (ETFdb)

Strategy and Tactics

How much should you rely on sentiment surveys?  (Pragmatic Capitalismibid)

David Merkel, “Investing well takes training.  Simple solutions are rare.”  (Aleph Blog)

Roger Nusbaum, “Lacking of understanding is something that can lead to panicked reactions at the wrong time” (Random Roger)

A profile of Fairholme Fund manager Bruce Berkowitz.  (Fortune, ibid also Street Capitalist, Barron’s)

Hedge fund manager Dan Loeb on Ben Bernanke’s “staged infomercial.”  (Dealbreaker, Dealbook)

Ten facts about minimum variance portfolios.  (Falkenblog)


The worst stock in the S&P 500 in 2010.  (Businessweek)

High flier Netflix (NFLX) is added to the S&P 500.  (MarketBeat)

Groupon shows the value of connecting people.  (Leigh Drogen)

John Gruber, “iOS’s best apps could exist for Android but don’t. Android’s best apps couldn’t exist for iPhone.”  (Daring Fireball)


Corporate America is still “saving its firepower.”  (WSJ, Points and Figures, 24/7 Wall St.)

Morgan Stanley (MS) is serious about curbing pay.  (Deal Journal)

The revolving door report:  the Peter Orszag edition.  (Marginal Revolution)

The Carlyle Group is putting the pedal to the metal.  (WSJ)

How many people are employed by the hedge fund industry?  An estimate.  (Reuters)


The ECRI WLI continues to improve.  (ECRI, Money Game)

Are American consumers de-leveraging or not?  (Daniel Gross)

Are rising mortgage rates going to push fence-sitters to actually buy?  (Fortune Finance)

Interest-only mortgages as a culprit for the mortgage crisis.  (Free exchange)

Once you measure something it changes.  The forthcoming case of public pensions.  (Floyd Norris)

Still debating the stimulative impact of the tax deal. (FT Alphaville)


The Indian stock market is lagging of late, despite strong economic results.  (Bespoke, beyondbrics)

Who gains from a renminbi revaluation?  (voxEU)

The reversal in bond yields is a global phenomenon.  (Houses and Holes)

The pain in Spain (bond yields).  (Calculated Risk)

What’s the difference between Iceland and Ireland?  (Adventures in Capitalism)

Poland is making its bid to become the financial hub of Eastern Europe.  (Dealbook)

What is going on with Vietnam’s dong?  (beyondbrics)

Just because

Who knew there still was Viking gold left to steal?  (The Reformed Broker)

Thanks for checking in with Abnormal Returns. For all the latest you can follow us on StockTwits and Twitter.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.