Quote of the day

Tim Duy, “In short, the tech bubble was a wild ride, but I am wary about declaring it an absolute failure of the capital allocation process.”  (Economist’s View)

Chart of the day

The S&P 500 has been above its 50-day moving average since September 2, 2010.  (Crossing Wall Street also Quantifiable Edges)


Money manager confidence is high, very high.  (Zero Hedge, Pragmatic Capitalism)

Sentiment measures are levels seen prior to a correction.  (Mark Hulbert)

The copper/gold ratio continues going higher.  (Trader’s Narrative)

Is the commodity rally overblown?  (Bespoke)

Finally an index for emerging market corporate bonds.  (beyondbrics)


A great illustration of how volatility can generate opportunity.  (Bigger Capital)

Corporate America has yet to “pile in.”  (Howard Lindzon)

Why I favor technical analysis.  (Derek Hernquist)

On the stop-loss myth.  (Falkenblog)

Having fun with compounding.  (Bespoke)

Emerging market ETFs have a bit of a tracking error problem.  (CXO Advisory Group)


NYSE Euronext (NYX)-Deutsche Borse deal is a go.  (WSJ, Deal Journal, The Source, Dealbook)

David Tepper is apparently bullish on airlines.  (Insider Monkey)

Zynga is reportedly worth more than Electronic Arts (EA).  (TechCrunch)

Now that’s what I call a blank cheque!  (FT Alphaville)

Hedge funds

A hedge fund manager who actually tells it like it is is a rarity.  (Dealbreaker)

Buying a passive, minority stake in a hedge fund manager is a risky proposition. Just ask Goldman Sachs (GS).  (Bloomberg)

Even John Paulson’s friends thought his subprime bet(s) were wacky.  (Dealbook, Dealbreaker)

Speaking of John Paulson, what did he buy and sell in Q4?  (Clusterstock)

Blue Horseshoe loves muni bonds.  (CNBC)


Is China cooking the books on inflation?  (FT Alphaville, Economist)

China’s economy may already bigger than we think.  (Gavyn Davies)

A look at Germany’s balanced economic success.  (Credit Writedowns)

Russia is embracing the Arctic in its search for oil.  (NYTimes)

How rising global food prices will bite across countries.  (Global Macro Monitor)


Uh oh.  Gas stations and grocery stores are killing it.  (EconomPic Data, Money Game, Capital Spectator)

Is America set to freak out about inflation?  (Money Game)

Consumer surveys don’t predict future inflation.  (FT Alphaville)

The TIPS market seems to do a better job.  (Minyanville)

The Federal Reserve contributes more to federal receipts than two-thirds of Americans.  (Crossing Wall Street, EconomPic Data)

Is the long decline in apparel prices coming to an end?  (Global Macro Monitor also NYTimes)

Look for “sizable labor market slack” for years to come.  (Economist’s View)

Earlier on Abnormal Returns

Time to do your homework on Internet 2.0 because the market will at some point weed out the losers. (AR Screencast)

Our Tuesday morning live link look-in.  (Abnormal Returns)


A discussion about art as an investable asset class.  (Felix Salmon)

For those of you who just can’t get enough Apple (AAPL) talk, there is a podcast network for you.  (Apple 2.0)

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