Quote of the day
“Contrarianism needs to be tempered with fact. Cynicism can only masquerade as intelligence for so long.” (Dynamic Hedge)
Chart of the day
Facebook valuation over time. (TechCrunch)
Markets
Most takeover rumors are false. (Bloomberg, Tradestreaming, Crossing Wall Street)
How market sentiment acts in a bull market. (Dragonfly Capital)
Don’t forget to look at equity prices over time AFTER inflation. (SurlyTrader)
Defense stocks are becoming increasingly more global. (FT Alphaville)
The stocks (and themes) Wall Street most mentioned for 2011. (NetNet)
Strategy and Tactics
On the need to reduce noise in your investment process. (Stock Sage also StockTwitsU)
No one can predict where the stock market is going. (Bucks Blog)
On the challenges facing an investment manager out of synch with the market. (AR Screencast)
Funds with “owner-managers” outperform. (Morningstar)
Can you trade effectively on a monthly basis? (Au.Tra.Sy)
Sears Holdings (SHLD) is conducting a real share buyback. (Bespoke)
The challenges facing individual investors in the markets are many. (Felix Salmon)
Finance
Are hedge funds yesterday’s news? (Reuters)
Goldman Sachs (GS) allows for a peak behind the curtain. (Street Sweep, NetNet)
A profile of the guys who are implementing QE2. (NYTimes, Crossing Wall Street)
More on the Fed’s astounding profitability. (EconomPic Data, Felix Salmon)
The inherent problem with the financial system is an asset-liability mismatch. (Aleph Blog)
Art investment funds are back. (Dealbook)
Technology
Roger McNamee thinks investors are putting money to work for fear of missing the next Google (GOOG). (Dealbook)
Not every startup is Facebook, although many think they are. (Deal Journal)
Was Verizon (VZ) smart to pass on the original iPhone? (Slate)
Should you buy (or switch) to the Verizon iPhone? (TechCrunch)
“(U)sers become more active in online social networks the bigger they become.” (New Scientist)
Housing
How big a deal is the Ibanez-Massachusetts mortgage ruling? (NetNet, Big Picture)
Doug Kass wonders how any one can be optimistic on the housing market? (TheStreet)
Why aren’t more people “strategically defaulting” on their mortgages? (Rortybomb)
Global
Portugal says it does need, nor want, a bailout. (NYTimes)
Breaking down the rise in world food prices and its impact on the emerging markets. (VIX and More, Atlantic Business, beyondbrics)
Japan and China don’t want to see the Euro collapse. (The Source)
Scandinavia as a sovereign safe haven. (FT Alphaville)
Economy
Small businesses are still none too optimistic. (Calculated Risk, Money Game)
Diesel consumption and rail traffic continue to trend higher. (Calculated Risk, Pragmatic Capitalism)
Even when the unemployed find a new job it is often at a (much) lower wage. (WSJ)
What is going on with household savings? (Econbrowser)
Mixed media
A rave review for David Einhorn’s Fooling Some of the People All of the Time. (Insider Monkey)
60 Minutes on the latest wave of “addictive slot machines.” (Kid Dynamite)
A profile of hedge fund manager Hugh Hendry. (Bloomberg via Fund My Mutual Fund)
Must-read economics books. (Planet Money)
A handful of interesting, long form videos. (Abnormal Returns)
Just because
Umair Haque, “Capitalism’s got to do better…” (HBR)
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