Quote o the day
Steve Randy Waldman, “What Europe requires, in financial terms, is a means of converting some part of member states’ sovereign debt into equity. ” (interfluidity)
Chart of the day

The surprising rise in individual income tax receipts. (Dr. Ed’s Blog)
Markets
The long term trend in asset class correlations is unambiguously higher. (The Reformed Broker also Fund My Mutual Fund)
The US dollar is the winner in this round of global contagion. (The Source)
Everything hinges on profit margins. (Risk and Return)
In defense of the Shiller CAPE measure. (Buttonwood)
The long and short of investing in the VIX. (Quantifiable Edges)
Strategy
Four lessons from Stanley Druckenmiller. (Mercenary Trader)
Comparing dividend yields with mortgage rates. (ROI)
Twelve tips for another lost decade from Richard Russell. (Pragmatic Capitalism)
Rebalancing takes the emotion out of investing. (Bucks Blog)
On the long-term power of dividends. (YCharts Blog)
Investors can’t get enough REITs. (Bloomberg)
Companies
A big spread has opened up between Viacom ($VIA and $VIA-B). (WSJ)
How Apple ($AAPL) and Amazon ($AMZN) differ from Microsoft ($MSFT). (Daring Fireball)
Exploring the Apple TV rumors. (Businessweek)
Two misconceptions about Yahoo! ($YHOO). (TheStreet)
Funds
True alpha doesn’t come cheap. (Deal Journal)
A closer look at the new Quantshares factor ETFs. (Invest With An Edge)
A closer look at the gold lease rate. (FT Alphaville)
Finance
Why broker should remove market orders as an option. (Kid Dynamite)
Bank of America ($BAC) is firing more people than most banks have. (Big Picture)
GE ($GE) is kicking Warren Buffett to the curb. (WSJ, Dealbook, Breakingviews)
The Merrill Lynch and Lehman Bros. deals three years later. (Dealbook)
Additional mortgage REIT IPOs are on hold for now. (WSJ)
Global
Greece: the twin problems of default and devaluation. (Gavyn Davies)
Markets are still pricing in a breakdown in the Euro. (Dragonfly Capital)
Global industrial production is stagnating. (Data Diary)
Economy
Retail sales slowed in August. (Capital Spectator, Calculated Risk)
What sea container volume says about the economy. (Global Economic Intersection)
Just how likely is deflation. (Free exchange)
Does a sharp drop in the stock market presage a recession? (voxEU)
The Federal Reserve is everyone’s favorite bank. (The Street Light)
The limits of Keynesianism in the face energy challenges. (Gregor Macdonald)
Manufacturing drove regional growth in 2010. (Real Time Economics)
Earlier on Abnormal Returns
How to spend your days NOT trading. (Abnormal Returns)
What you missed in our Wednesday morning linkfest. (Abnormal Returns)
Mixed media
A nice review of Tim Harford’s book Adapt. (Frank Voisin)
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