Quote of the day

James Picerno, “Alpha still sums to zero, no matter how broad your asset allocation horizons.” (Capital Spectator)

Chart of the day

The rise of the (high frequency trading) machines.  (MarketBeat)

Markets

The risk on/risk off dynamic is back.  (WSJ)

If you look hard enough you can find some one who predicted every major disaster.  (Big Picture)

Michael Dell is buying Dell (DELL) shares hand over fist.  (The Reformed Broker)

Once again a primer on what exactly hyperinflation is and is not.  (Pragmatic Capitalism)

Strategy

Revisiting the unilateral pairs trade.  (Dynamic Hedge)

Why investors miss the meat of the trend. (Market Anthropology)

The flip side to all the disaster talk.  (Portfolio Probe)

A review of Jared Woodard’s Options and the Volatility Risk Premium.  (Tyler’s Trading)

AT&T (T)-T-Mobile

More reactions to the AT&T-T-Mobile deal.  (GigaOM)

You need to look ahead to the transition to LTE to understand the AT&T-T-Mobile deal.  (Fast Company)

What now for a T-Mobile free Deutsche Telecom (DT)?  (The Source)

A cellphone tower in your hand.  (Fortune)

Finance

The Apollo Global Management IPO is back on track.  (Dealbook, peHUB)

The face(s) of the new wave of hedge fund stars.  (Institutional Investor)

The US Treasury is going to begin selling off mortgage-backed securities.  (Fortune Finance)

Global

David Rosenberg says buy Japan.  (Money Game)

Supply disruptions continue to ripple out around the global economy.  (NYTimes, Money Game)

Might foreigners abandon Japan for good?  (FT Alphaville)

Economic disasters and the redistribution effect.  (New Yorker)

Checking in on the Canadian and Australian “housing busts.”  (FT Alphaville, Big Picture)

Economy

Tim Duy, “Don’t read too much into the Fed’s participation in last week’s G7 intervention.”  (Economist’s View)

Actual price dynamics are far richer then economists predict.  (Econbrowser)

Average growth from the Chicago Fed National Activity Index.  (Calculated Risk)

Bernanke should raise raise rates to boost the economy, seriously.  (WSJ)

Earlier on Abnormal Returns

Stock splits shouldn’t matter to a company, but do they in the case of Citigroup (C)?  (AR Screencast)

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

Mixed media

What Twitter and the New York Times (NYT) have in common.  (Dave Winer via Daring Fireball)

Felix Salmon chats with Nick Denton.  (paidContent)

Don’t buy another house.  (Altucher Confidential, tech ticker)

A great visualization of radiation doses.  (xkcd)

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