Quote of the day
Douglas Tengdin, “The market doesn’t provide high returns just because we need them.” (Global Market Update)
Chart of the day
Two thousand years of economic history in one chart. (Economist)
Markets
Companies are buying back shares, insiders not so much. (MarketBeat)
Where the earnings are, sector-wise. (Bespoke)
On the value of analyst estimates. (A Dash of Insight)
Auto parts stocks are pushing higher. (chessNwine)
The case for REITs. (Morningstar)
Strategy
James Picerno, “The world is teeming with investment advice. Some of it may actually be useful.” (The Capital Spectator)
Why use charts? Technicals trump fundamentals. (The Reformed Broker)
On the importance of recognizing levels of “price memory.” (Derek Hernquist)
Can a focus on sustainability help investors? (market folly)
Can you make money from textual analysis? (Empirical Finance Blog)
Predicting commodity prices ain’t easy. Just ask the Fed. (Liberty Street Economics)
Companies
How much did Bill Miller lose on Kodak ($EK)? (InvestmentNews)
Android activations are surging. (SAI, A VC)
Is it time for the iPhone to grow up? (Asymco)
How the FDA impedes innovation. (Marginal Revolution)
Finance
How too big to fail banks imperil capitalism. (Real Time Economics)
Pension funds are once again investing directly in hedge funds. (Pension Pulse)
Global
Why Greece is not Argentina. (Term Sheet)
Eurozone default probabilities. (SurlyTrader)
Muddy Waters has a new short position – Spreadtrum ($SPRD). (Zero Hedge, MarketBeat, FT Alphaville)
Vietnam is always a country on the verge. (beyondbrics)
Economy
Signs of hope in the Case-Shiller numbers. (Calculated Risk, FT Alphaville, Big Picture, CBP)
May was a pretty good month for the economy. (Capital Spectator)
The financial press is losing hope about the long term prospects for the economy. (MarketBeat)
Monetary velocity is slowing. (Bonddad Blog)
Middle class blues
Consumer spending depends on who is doing the spending these days. (FT Alphaville)
Chris Giles, “It is no fun to be a fork-lift truck driver in a world of automated distribution warehouses.” (FT)
On the woeful state of the American saver. (Systematic Relative Strength)
Earlier on Abnormal Returns
Every trader is working with a model. The challenge is applying that model in an unbiased fashion. (AR Screencast)
What you missed in our Tuesday morning linkfest. (Abnormal Returns)
Mixed media
In praise of fidgeting. (Science Blog)
Why would a team down at halftime be more likely to win? (Scientific American)
More advice on how to deal with “crappy people” (Altucher Confidential)
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