Quote of the day
Vitaily Katsenelson, “You may think you’re able to filter the noise. You cannot; it overwhelms you. So don’t fight the noise — block it. Leave the television off while the markets are open…” (Institutional Investor)
Chart of the day
A look at Apple ($AAPL) stock going into the iPhone 4S announcement. (All Star Charts)
Markets
Welcome to the new, new bear market. (Credit Writedowns, Money & Co.)
Rydex traders are very anxious. (Hays Advisory via @CapitalObserver)
Why oil supplies are getting draw down. (FT Alphaville)
Good news! Food prices should come down. (Bonddad Blog)
Why munis are doing better than most expected. (MarketBeat)
Strategy
How P/E ratios respond to real interest rates and inflation rates. (World Beta)
Most investors would be happy to “smooth things out” a little bit. (Random Roger)
On the (in)accuracy of expert forecasts. (Larry Swedroe)
Remember the $VIX is not predictive. (Dynamic Hedge)
Must reads
The markets are coming to a head in the “season of the witch.” (The Reformed Broker)
Barry Ritholtz, “Investors do not really have a clear idea of how healthy any of these banks truly are. ” (Big Picture)
This kind of market brings out the worst in traders. (chessNwine)
Companies
Why the iPhone announcement matters. (SplatF, ibid)
Rumors of bankruptcy run fast and loose these days. (24/7 Wall St. also Fortune)
Still hard to see much value in GE ($GE). (Turnkey Analyst)
Four companies with mega-dividends. (YCharts Blog)
Finance
High frequency trading is set to get even faster. (New Scientist via naked capitalism)
‘Tail risk‘ hedge funds are having a hard time finding cheap hedges. (FT)
On the risk of unconventional hedges. (FT Alphaville)
Hedge funds pay good money to know what is going on in Washington. (WSJ)
A look at mutual funds that will be able to shelter capital gains for some time to come. (Morningstar)
The risk of US banks: the CDS edition. (SurlyTrader)
Low interest rates and the pension funding gap. (Buttonwood)
On the rise of the young, connected, blogger/VC. (Term Sheet, ibid)
ETFs
Do we really need more ETF/ETN closures? (ETFdb)
Why complicate things with so-called “inflation ETFs“? (IndexUniverse)
Another way to trade the renminbi. (IndexUniverse)
Global
Toe-dipping in the emerging markets. (Bloomberg)
Is Dexia the new Bear Stearns? (FT, Dealbook, Curious Capitalist)
More on the China “soft landing.” (FT Alphaville)
Economy
Finally some good political news. Three trade pacts go before Congress. (NYTimes)
A tax repatriation holiday is not going to create any jobs. (Real Time Economics)
Rent vs. buy: stuck in the middle. (The Atlantic)
The economies of 2008 and 2011 look very different. (Crackerjack Finance)
The two recessions facing the US economy. (Modeled Behavior)
Earlier on Abnormal Returns
99% of people don’t want to trade. (Abnormal Returns)
What you missed in our Tuesday morning linkfest. (Abnormal Returns)
Mixed media
Why some people learn faster – they learn from their mistakes. (The Frontal Cortex)
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