Quote of the day
Carl Richards, “While these dramatic days have us all talking, it’s important to realize that volatility and investing go hand in hand. They always have, and chances are they always will.” (Bucks Blog)
Chart of the day
Dr. Copper does not like what he sees. (MarketBeat)
Markets
Andrew Smithers thinks the equity market is set for rally, that should be sold into. (Bloomberg, Big Picture)
Staples and utilities are not surprisingly the market’s sector leaders. (Dragonfly Capital)
How a demand for safety can actually lead to more volatility. (SurlyTrader)
The equity put/call ratio is once again pointing toward an oversold market. (Horan Capital)
Zero guaranteed returns on certain ETFs these days. (IndexUniverse)
Gold
A sign of the times. The SPDR Gold Trust ($GLD) is poised to become the world’s largest ETF. (IndexUniverse, Bloomberg)
Is a climax top forming in gold? (Chris Perruna)
Gold is separating itself from the pack. (All Star Charts, Points and Figures)
Long term looks at gold prices. (Falkenblog, Bespoke)
Green line vs. red line. (the research puzzle)
Strategy
Sometimes you just need to do nothing. (Trader Habits)
The challenge of cheap stocks in a falling market. (Behind the Headlines)
For 1.5% a year you get your portfolio managed like this. (I Heart Wall Street)
Will the real John Paulson stand up… (Stock Sage)
Emotionless trading isn’t possible. (Crosshairs Trader)
Companies
Wilbur Ross is making a big bet on the slumping tanker industry. (FT also Bespoke)
Should Microsoft ($MSFT) and HP ($HPQ) hook up in the tablet space? (SplatF)
What hardware survives in a world getting eaten by software? (Bronte Capital)
The Motorola Mobility ($MMI) acquisition is filled with a surprising amount of uncertainty. (NYTimes)
Finance
Josh Brown, “Sell-side brokerage equity research is marketing.” (The Reformed Broker)
Hunter, “Management teams should think like value investors: Buying back stock only when there is a substantial margin of safety in the purchase using prudent assumptions.” (Distressed Debt Investing)
Why most buybacks destroy shareholder value. (FT also 24/7 Wall St.)
On the attraction of funky, busted debt to hedge funds. (Pensions & Investments)
Internet analysts are once again a hot property. (Dealbook)
Global
The market doesn’t believe the Swiss will be able to weaken the franc. (Felix Salmon)
Emerging market bonds are no longer viewed as risk assets. (Bloomberg)
Euro stock earnings estimates need to come down. (FT Alphaville)
Some surprising fertility statistics. (Economist)
Economy
The Chicago Federal Reserve National Activity Index is weak but not yet at recessionary levels. (MarketBeat, Bespoke)
Why the Fed should be targeting a 2% inflation rate. (Econbrowser also Term Sheet)
Are negative real interest rates driving up savings? (EconomPic Data)
Why companies are so reluctant to invest these days. (MarketBeat)
Why aren’t US gasoline prices lower already? (WSJ)
Earlier on Abnormal Returns
The best blogging is a long-term proposition. (Abnormal Returns)
Checking in on the market valuation picture. (Abnormal Returns)
What you missed in our Monday morning linkfest. (Abnormal Returns)
Mixed media
This is happening. Duff McKagen’s investment firm is set to launch. (Dealbreaker)
Snackonomics: how potato chips make it your store shelves. (EconTalk)
The ten best podcasts right now. (Paste)
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