Quote of the day

Kid Dynamite, “(L)eave yourself room to grow a position – doing so means that if you were right the first time, and you miraculously managed to buy without any further downticks, that you wont make as much as you would have if you had a fully sized position on.”  (The Reformed Broker)

Chart of the day

Ten year treasury yields continue to lead equities lower.  (@jackdamn)

Markets

Equity sentiment at week-end.  (Trader’s Narrative, The Technical Take)

Mid-caps are trading are trading at a record premium to large-caps.  (Horan Capital)

Watch out for some moving average compression this week.  (Afraid to Trade)

Have junk bonds pulled back enough already?  (WSJ, Focus on Funds)

Strategy

There isn’t enough alpha to satisfy all the demands for it these days.  (Barron’s)

David Merkel, “Good investing is a lot of work.  If you can’t do it, get a professional to do it for you.”  (Aleph Blog)

The math behind borrowing from your 401(k) plan.  (WSJ)

Companies

Is Berkshire Hathaway ($BRKB) a bargain?  (Fundmastery Blog)

Don’t expect big tech ($AAPL, $GOOG, $MSFT) to get revalued any time soon.  (Breakingviews)

Chemical stocks are bouncing.  (chessNwine)

Finance

On the tax complications of many commodity ETPs.  (WSJ)

Seriously, not cool Skype/Silver Lake.  (Felix Salmon, Term Sheet, TechCrunch)

The downside of having a private equity fund manager go public.  (WSJ)

Global

China may be headed for a soft landing.  (Pragmatic Capitalism)

John Hempton, “Paulson didn’t see China for the trees.”  (Bronte Capital)

Economy

The Fed’s ongoing war against savers.  (Aleph Blog)

Global yield curves don’t lie.  (Pragmatic Capitalism)

With record low yields the bond market is assuming dismal growth going forward.  (Calafia Beach Pundit)

Is the media helping to fuel economic pessimism?  (Atlantic Business)

Earlier on Abnormal Returns

Top clicks this week on Abnormal Returns.  (Abnormal Returns)

What you missed in our longform Saturday linkfest.  (Abnormal Returns)

Mixed media

Umair Haque, “But perhaps the safest investments of all are the human, social, and emotional ones.”  (HBR)

The case against the case against going to college.  (NYTimes, Economix)

DVRs are energy hogs.  (NYTimes)

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