Quote of the day
Tyler Craig, “First learn to survive, then you can up the ante and seek additional profits.” (Tyler’s Trading)
Chart of the day
Gasoline prices are headed back to their 2008 highs. (Bespoke)
Markets
Historical performance of April option expiration weeks. (Quantifiable Edges)
Doug Kass says buy volatility. (Money Game, ibid)
The Indian stock market is at a crucial juncture. (Afraid to Trade)
Have we experienced a commodities price blow-off? (Humble Student, Calculated Risk also CBP)
Energy stocks are once again consumer discretionary stocks. (Bespoke)
Strategy
Portfolio theory is dead, what comes next? (Quantivity)
When markets move to extremes it is worth noting. (Capital Spectator)
Burton Malkiel on the benefit of a service like MarketRiders. (Felix Salmon)
On the dangers of tax-advantaged savings: the Roth IRA is at risk. (Megan McArdle)
The tenets behind trend following are old. (Au.Tra.Sy Blog)
Companies
JP Morgan Chase (JPM) will not emerge from the financial crisis unscathed. (naked capitalism, NYTimes)
Why the Level 3 (LVLT)-Global Crossing (GLBC) deal matters. (GigaOM)
Investment banks are “alive and kicking” but many bankers want out. (New York)
Distressed debt investors annoyed to be paid off at par. (WSJ)
IPOs
The Glencore IPO is finally here. (WSJ, FT)
OpenTable (OPEN) as a benchmark for forthcoming IPOs. (Breakingviews)
Are we going to see a new version of IPO flipping? (NetNet)
Funds
Even mutual funds can play activist. (Deal Journal)
Cult or strong corporate culture? A look at Ray Dalio’s Bridgewater Associates. (New York)
The many arguments for commodity ETPs. (IndexUniverse)
Do you need a “pure” gold miners ETF? (ETFdb)
Global
Why China may look the other way at renminbi strength. (beyondbrics)
China reverse merger stocks are now unmarginable at IB. (Zero Hedge)
How much longer before we seen domestic Chinese hedge funds? (beyondbrics)
Is it time to have a new world reserve currency? (Crossing Wall Street)
Economy
Higher oil prices do not equal an oil price shock, yet. (New Yorker)
Does the Fed need to worry about higher commodity prices? (Real Time Economics)
Have US policymakers learned the lesson of Japan? (Pragmatic Capitalism)
At this point in the economic cycle revisions to non-farm payrolls should start trending higher. (Money Game)
Earlier on Abnormal Returns
Bill Gross talking his book and the prospects for a secular bond bear market. (AR Screencast)
Our Monday morning live link look-in. (Abnormal Returns)
Books
How a “little book” spawned a big investment business. (Tradestreaming)
A nice review for Anti Ilmanen’s new book Expected Returns. (Falkenblog)
A positive review for Robert Koppel’s new book Investing and the Rational Mind. (Reading the Markets)
Mixed media
Golf is the closest analogy to trading. (UpsideTrader)
How to fail better. (Seth Godin)
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