Quote of the day
Roger Ehrenberg, “At infinity, the data architectures and analytic frameworks of Wall Street and the real-time web will become one and the same.” (Information Arbitrage)
Chart of the day

Apple (AAPL) is a platform provider not a product company. (VIX and More)
Markets
More signs the market is getting oversold. (Trader’s Narrative)
Want to buy a building? There are plenty on the market at the moment. (WSJ)
Are S&P 500 earnings at risk? (FT Alphaville)
Commodities
Are agriculture stocks the new utilities? (IndexUniverse also chessNwine)
The Brent-WTI spread keeps widening out. (FT)
Everybody is looking for the next, new thing in commodity indexing. (FT)
Strategy
The market doesn’t care who you are. (Tyler’s Trading)
A look the challenges of analyzing go-anywhere funds. (research puzzle pix)
You can’t be a professional trader without focus. (SMB Training)
Research
A skeptical look at the performance of the “magic formula for investing.” (Empirical Finance Blog)
How do you value something that has no intrinsic value? (Musings on Markets)
Finance
The banking sector is set to shrink…for good reason. (Bloomberg, UpsideTrader)
Private equity firms are losing bidding wars to strategic buyers. (Bloomberg)
Some US companies are conducting IPOs overseas. (NYTimes, SAI)
Setting exchange margins is a balancing act. (WSJ)
Funds
No matter what they say to the contrary serving on a corporate board is a win-no lose situation. (Dealbook)
Mutual fund companies don’t want you to read about settled fee lawsuits. (Forbes)
Checking in on the June ETF Deathwatch. (Invest With an Edge)
Global
Chinese companies…why bother? (The Reformed Broker contra digicha)
Why is the German economy doing so well? (Credit Writedowns)
Economy
Credit spreads are not yet signaling economic growth fears. (Capital Spectator)
Diesel fuel consumption slowed. (Calculated Risk)
Bank failures are waning. (Pragmatic Capitalism)
North Dakota as outlier. (Free exchange, Economix)
Earlier on Abnormal Returns
The rest of Europe better hope that the German economic engine isn’t sputtering. (AR Screencast)
What you missed in our Wednesday morning linkfest. (Abnormal Returns)
Mixed media
A nice review of Expiring Monthly. (Reading the Markets)
Where is the Bill Simmons for finance? (The Reformed Broker)
Grantland launches. (Grantland)
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