Quote of the day

David Merkel, “My simple rule to average people when involved in complex transactions is this: be cynical.  No one is interested in your well-being, and most of the transactional terms are skewed against you.”  (Aleph Blog)

Chart of the day

OpenTable ($OPEN) was not acting well even before the Google-Zagat news.  (Term Sheet)


Asset class performance since 9/11.  (Bespoke)

Junk bonds are pricing in a 63% risk of recession.  (Focus on Funds)

Companies are buying back stock hand over first.  (Ticker Sense)

The decade in financial markets in graphs.  (research puzzle pix)


Google ($GOOG) buys Zagat to get more local.  (Bloomberg, Deal Journal,

Value investor favorites Microsoft ($MSFT) and Intel ($INTC) are cheap for a reason.  (The Reformed Broker)

Five warning signs to watch for at Apple ($AAPL).  (Bob Sutton)

Why companies should not be in the pension business in the first place.  (Pension Pulse)


Yahoo! ($YHOO) is still dead in the water and seeking a deal.  (Asymco, Bloomberg)

Yahoo! has been trading at a discount to the sum of its parts for some time now.  (WSJ)

Carol Bartz speaks out.  (Dealbreaker)

Dan Loeb joins the Yahoo! fray.  (SAI)

Yahoo’s board needs to fire itself.  (GigaOM)

Was Yahoo! really fixable?  (Mean Street, Slate)


Money managers should eat their own cooking.  (Wealthfront)

TD Ameritrade says thanks, but no thanks to E*Trade Financial ($ETFC).  (Deal Journal)

On the state of model making in finance.  (Emanuel Derman)

Hedge funds

What happens to hedge fund that experience large asset inflows.  (All About Alpha)

How much of hedge fund returns is driven by liquidity risk?  (CXO Advisory Group)

Hedge fund performance.  (EconomPic Data)


James Mackintosh, “By making it easy to buy gold the miners removed a big reason for buying their shares.”  (FT)

Interesting timing for the launch of physical copper ETFs.  (WSJ)

ETF volume surged in August.  (MarketBeat)


Is the Yuan still undervalued?  (Free exchange)

Is the window still open for Chinese IPOs?  (FT Alphaville)

The SNB is selling volatility.  (Felix Salmon)

Why a breakup of the Euro zone is likely.  (Credit Writedowns)

Why is Britain still AAA?  (FT Alphaville)


Bond Girl, “The duration of the Fed’s portfolio is not what is standing between us and economic prosperity.  Get real, people.”  (self-evident via Kid Dynamite)

The labor market is stuck in a rut.  (Capital Spectator)

30-year mortgage rates is at record lows.  (Calculated Risk, MarketBeat)

What rail data is telling us about the sluggish state of the US economy.  (Pragmatic Capitalism)

The war on savers rolls on.  (Economic Musings)

Earlier on Abnormal Returns

A great guest post from Jared Woodard on “What Options Are Good For.”  (Abnormal Returns)

What you missed in our Thursday morning linkfest.  (Abnormal Returns)

Mixed media

The space covering startups has matured a great deal in the past few years. (Fortune)

How to be the smartest, most humble, person in the room.  (Altucher Confidential)

Abnormal Returns is a founding member of the StockTwits Blog Network.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.