Quote of the day
“What would you say is the most important thing you’ve learned about investing and/or trading in 2010?” (Kirk Report)
Chart of the day
The stock market’s “calm euphoria.” (Surly Trader)
Markets
Tom DeMark is now calling a top in the stock market. (BW, Fund My Mutual Fund, Money Game, Pragmatic Capitalism)
“Are the “top down” analysts being too conservative, or is market getting too bullish? ” (CSS Analytics)
Adam Warner, “If nothing else, VIX does mean revert.” (InvestorPlace)
In defense of muni bonds. (Pragmatic Capitalism, Bloomberg, Money & Co., Money Game)
Checking back in on the Rosenberg Indicator. (Justin Paterno)
EEM vs. VWO: price vs. liquidity. (IndexUniverse)
If you had any doubts it is a commodity bull market. (Points and Figures)
More on the widening Brent-WTI spread. (FT Alphaville, ibid)
The state of the US dollar. (StockTwitsFX, The Source)
Strategy
Adam Grimes, “The best mechanical trailing stops are those that automatically adjust to the volatility of the market.” (SMB Training)
On the challenges of mean reversion. (Milk Trader)
Better hope your company beats both on earnings and revenues. (Money Game)
Companies
Cargill is getting out of the fertilizer business, i.e Mosaic (MOS). (WSJ, Bloomberg, Fund My Mutual Fund)
Yum! Brands (YUM) is kicking Long John Silvers and A&W to the curb. (Dealbook)
Why was Goldman’s profits down in 2010? (Atlantic Business, Street Sweep, Curious Capitalist)
A review of how some companies that have been touched by scandal have performed subsequently. (Bespoke)
Hedge funds
2010 hedge fund return roundups. (market folly, Practical Quant)
Investors still love hedge funds. (Dealbook)
Finance
A good primer on the pluses (and minuses) of spinoffs. (Dealbook)
The Feds are doing a good job negotiating underwriting deals. (Daniel Gross also WSJ)
The too big to fail banks can still get bigger. (Huffington Post)
While publicly traded Goldman Sachs (GS) still maintains a partnership structure. (footnoted, Dealbook)
Goldman Sachs is catching the blame for the Facebook shares media blowup. (Term Sheet, Rational Irrationality)
Do we need a law to cover state bankruptcy? (FT Alphaville)
The global reinsurance industry is already pricing in the risks of global warming. (Gregor Macdonald)
Apple
Apple earnings were good, very good. (TechCrunch, Apple 2.0)
Apple earnings: “a rigged game” between the company and Wall Street. (Pragmatic Capitalism)
On the importance of Apple (AAPL) to investors. (ROI earlier AR Screencast)
It’s hard to argue iPad sales are hurting the Mac. (Bespoke)
Apple could have $100 billion in cash at this time next year. (Asymco, ibid)
Some thoughts on Steve Jobs. (Big Picture)
Forget Apple, check out Google (GOOG). (Bespoke)
Top all-time iPhone and iPad apps. (TechCrunch)
Global
Where Scandinavia went right. (The Source)
No wonder money is flowing into the emerging markets. (Global Macro Monitor)
On the importance of fund flows to emerging market bonds. (beyondbrics)
The issues facing India’s economy. (Curious Capitalist)
Why do we focus so much on the renminbi? (naked capitalism)
Economy
The US manufacturing economy is on the mend. (WSJ)
How much are gasoline prices weighing on consumers? (Econbrowser)
Are income and employment being understated? (Bloomberg)
Housing starts are bouncing along the bottom. (EconomPic Data, Calculated Risk also Capital Spectator)
David Leonhardt, “For corporate America, the Great Recession is over. For the American work force, it’s not.” (NYTimes contra Modeled Behavior)
Mixed media
On the rapidly evolving nature of the financial blogosphere. (Abnormal Returns)
Five reasons Freakonomics became a bestseller. (Altucher Confidential)
Great advice on titles. (Cheap Talk)
Errata
What do colleges actually teach students? (Free exchange)
MLB.com doesn’t need venture money. (SAI)
The (long) history of Bears-Packers rivalry. (NYTimes)
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