Quote of the day

Investment process is much, much more important than most investors realize.”  (Systematic Relative Strength)

Chart of the day

Check out the rout in lumber prices.  (WSJ)


Cyclical stocks are once again lagging.  (Crossing Wall Street)

Is the Nasdaq getting tired?  (Trader’s Narrative)

Investor sentiment is currently stuck in a range.  (Pragmatic Capitalism)

What is your estimate of the equity risk premium?  Everybody else apparently has one.  (Capital Spectator, Crossing Wall Street)

Check out the long term decline in real yields on the 10-year Treasury.  (Global Macro Monitor)

Will higher interest rates necessarily kill the stock market?  (Calafia Beach Pundit)

Why is volatility so low?  (FT Alphaville)


How valuation affects the “matrix of probabilities.”  (the research puzzle)

How quants think.  (Humble Student of the Markets)

Successful traders demonstrate a commitment to their craft.  (Crosshairs Trader)

On the value of traders adopting loss limits.  (Tyler’s Trading)

The long downtrend in the day-to-day correlation of the stock market.  (Crossing Wall Street)

Do mutual funds with a “behavioral bent” outperform the market?  (Forbes)


Arcos Darados (ARCO) and Zipcar (ZIP) are hot IPOs today.  Maybe a bit too hot. (beyondbrics, Dealbook, Business Insider)

Is Cisco (CSCO) finally cheap enough?  (YCharts Blog)

There is no shortage of drama behind the scenes at Twitter.  (Fortune)

The Goose Island deal points to a craft brewing industry at a crossroads.  (The Atlantic)


All of a sudden everyone is getting anxious about the systemic risks of ETFs.  (Real Time Economics, FT Alphaville, Breakingviews, Random Roger, The Source)

Another ETF manager, Grail Advisors, gets acquired.  (InvestmentNews, IndexUniverse)

What you need to know about the PowerShares Senior Loan Portfolio ETF (BKLN).  (Morningstar, InvestmentNews)

Why ETFs that shun illiquid stocks may not deliver as promised.  (Morningstar)

How much can be done to offset the effect of contango on commodity ETFs?  (IndexUniverse)

On the attraction of energy and resource ETFs.  (A Dash of Insight)

Some ETFs with big single stock exposure.  (IndexUniverse)


Has Moody’s (MCO) culture changed all that much post-financial crisis?  (ProPublica)

Why the Sokol affair is still so shocking to Buffett observers.  (Jeff Matthews)

The downward trend in CEO ownership.  (Bespoke)

On the many challenges of being a fiduciary in this environment.  (the research puzzle)


Why you should pay attention to the ‘BRIC summit.’  (Curious Capitalist)

Is Chinese growth about to hit a wall?  (Economist)

A look at the highest marginal tax rates over time.  (Visualizing Economics)

Mixed media

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

On the attraction of renting, both a house and a car.  (The Minimalist Trader, Leigh Drogen)

Growing frustration with the Business Insider model.  (The Reformed Broker, Stone Street Advisors)

Five year olds eveywhere rejoice.  Apple juice futures are set to trade soon.  (WSJ)

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