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)
Markets
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 Capitalism, ibid)
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)
Companies
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)
Finance
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)
Economy
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)
Global
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)
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