Quote of the day
“Good investing is not emotionally reactive.” (Systematic Relative Strength)
Chart of the day
Amazon ($AMZN) is holding up pretty well. (StockCharts Blog)
Markets
One of the worst starts to September ever. (Bespoke)
Even after some adjustments September has been a bad month for the stock market. (SurlyTrader)
The German DAX is at a critical level. (Afraid to Trade)
Gold market timers are not overly bullish. (Mark Hulbert)
S&P sector relative strength. (Bespoke)
Using days since a 200 day high as an indicator. (Mind Money Markets)
Check out the shift in the TIPs yield curve since February. (Crossing Wall Street)
It could have been a lot worse for hedge funds in August. (AR+Alpha)
Strategy
In some notable respects the financial system has still not recovered from 9/11. (Phil Pearlman)
Keep an eye on high yield bonds as a market tell. (Market Anthropology)
On the challenge of putting the G in GARP. (the research puzzle)
Why long term investors should embrace the bear market. (CBS Moneywatch)
How a minimum variance portfolio has performed in 2011. (Falkenblog)
Companies
How Apple ($AAPL) makes money. (SplatF)
Did the Apple board overpay Tim Cook? (Eric Jackson)
Facebook doubled revenue in the first half of the year. (Reuters)
Yahoo!
The most impressive thing about Yahoo!. (SplatF also Crossing Wall Street)
Is a deal now likely for Yahoo! ($YHOO)? (Dealbook)
Don’t worry about Carol Bartz, she will be just fine. (footnoted)
Funds
Do we need 200+ ETFs covering domestic equity size & style? (IndexUniverse)
QuantShares launches four beta-enhanced ETFs today. (IndexUniverse, Focus on Funds)
Some interesting ETF stats. (Invest With An Edge)
Mutual funds with an “institutional twin” tend to have better performance. (SSRN)
Not all junk bond funds are created alike. (WSJ)
Finance
Private equity, including the Carlyle Group, has had a two decade interest rate tailwind. What if that reverses? (Lex)
The secrets of high frequency trading. (All About Alpha)
Hedge funds are still the home for wealthy individuals. (Blooomberg)
Should Goldman Sachs ($GS) break itself up? (Deal Journal, NetNet)
Just how big a problem is litigation for Bank of America ($BAC)? (Value Plays)
Why the Wells Fargo ($WFC) for Bank of America swap is looking even better. (FT Alphaville)
Global
Sorting through the opportunities in Europe. (Crackerjack Finance)
The true cost of the Euro sovereign debt crisis. (Calafia Beach Pundit)
Is the SNB credible? (Gavyn Davies)
Cross Norway off of your safe haven list. (The Source)
A look at the non-Euro CEE currencies. (Institutional Investor)
Central Europe was a big winner from the SNB move to peg the Swiss franc. (beyondbrics)
China vs. India in a new global recession. (Fortune)
Economy
The bond market is crying out for more supply (and spending). (Money Game, Pragmatic Capitalism)
The Misery Index is on the march. (Pragmatic Capitalism)
How would refinancing everyone’s mortgage affect the economy? (Curious Capitalist)
What is the quit/layoff ratio telling us at the moment? (EconomPic Data, Global Economic Intersection)
An overhaul of the patent system is close to enactment. (WSJ, Points and Figures)
Earlier on Abnormal Returns
Better a suboptimal strategy than no strategy at all. (Abnormal Returns)
What you missed in our Wednesday morning linkfest. (Abnormal Returns)
Mixed media
We’re all pretty good at convincing ourselves we are correct. (Stone Street Advisors)
A review of Red Capitalism by Carl E. Walter and Fraser J. T. Howie. (Aleph Blog)
When passwords are appropriate (and not). (Scientific American, ibid)
Quantifying the hits football players take by position. (Science Blog)
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