Quote of the day
KD, “The market doesn’t care what your cost basis is. ” (Kid Dynamite)
Chart of the day
The market is none too happy with the rating agencies. (Big Picture)
Markets
A look at the stunning move in the yield curve. (Crossing Wall Street)
Another big day for corporate debt issuance. (MarketBeat)
It’s not 2008 volatility-wise, but it is still pretty epic. (Bespoke)
Insider buying has surged. (market folly)
Already dated, but interesting look at country stock performance YTD. (Bespoke)
Retail investors can’t just look away from the train wreck. (Term Sheet)
Strategy
Drawdowns affect your stock of emotional capital. (Tyler’s Trading)
What is the proper benchmark for TAA strategies? (CSS Analytics)
Can forensic accounting predict stock returns? (SSRN via CXOAG)
Has gold had its intermediate term move? (Investing With Options)
Jeremy Grantham abridged. (FT Alphaville, Money Game)
Companies
“The Cloud” has gotten crushed along with the rest of the market. (TechInsidr)
The consumption economy works for Apple ($AAPL). The question is whether it works for everyone else? (Michael Mandel)
Why buy the sugar water when you can buy the can. (YCharts)
Why is Fannie Mae giving Bank of America ($BAC) a helping hand? (Term Sheet)
ETFs
Where are all the managed futures ETPs? (World Beta, Au.Tra.Sy Blog)
Northern Trust ($NTRS) is getting back into the ETF business. (IndexUniverse)
Model ETF portfolios are the new, new thing for advisors. (InvestmentNews)
All heed the August ETF Deathwatch. (Invest With An Edge)
Funds
Good news! You are likely doing better than John Paulson YTD. (Dealbook)
Be careful when you accept a loan from a hedge fund. (Dealbook)
Credit ratings
Congress wants more competition in the credit ratings game. (WSJ)
The difference between S&P and Moody’s. (Felix Salmon)
The IPO window will be closed for awhile now. (FT)
Currencies
The SNB is going to have to do more to bring down the value of the Swiss franc. (The Source)
Just in case you forgot about the long term bearish case on the US dollar. (MarketBeat)
Economy
Joe Weisenthal, “Bernanke doesn’t just have an inflation button.” (Money Game)
Central banks still far too focused on potential inflation. (Free exchange, Capital Spectator)
Why the Fed didn’t re-start asset purchases? (Economist’s View)
Why the market was confused by the Fed’s moves yesterday. (A Dash of Insight also Gavyn Davies)
The end of cash. ZIRP will push people to spend and borrow. (Calafia Beach Pundit)
The Fed is speaking in unambiguous terms about the economy. (Kid Dynamite)
David Merkel, “The world is led by debt junkies who think that debt doesn’t matter.” (Aleph Blog)
Where would a double-dip come from? (Modeled Behavior)
The US has a housing problem. (Modeled Behavior)
Diesel fuel consumption declined in July. (Calculated Risk)
Earlier on Abnormal Returns
What you missed in our Wednesday morning linkfest. (Abnormal Returns)
Mixed media
The ten biggest lies about business school. (Forbes)
These social media propaganda posters are brilliant. (CMYBacon via multiple)
On the absurdity of current password recommendations. (xkcd)
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