Quote of the day

Jason Zweig, “The declaration of a bear market tells us a little about the past, nothing about the future.”  (WSJ)

Chart of the day

The agriculture stocks have gotten beaten down to interesting levels.  (Barron’s)

Video of the day

Michael Lewis on the moral failings of the United States. (WSJ)

Markets

Markets are now moving at warp speed.  (Dynamic Hedge)

Lumber is the new copper.  (Money Game, ibid)

Two months post-downgrade US Treasuries are doing just fine, thank you.  (Floyd Norris)

It is going to take some more volatility to keep the VIX in the 40s.  (Tyler’s Trading)

What the BPI looks like for four major indices.  (Fireside Charts)

Strategy

Why dollar-weighted returns matter.  The case of Bill Miller.  (Aleph Blog)

How a “bare chart” can help you.  (Afraid to Trade)

The long and sordid history of serial correlation.  (Dealbreaker)

Companies

How companies go from large cap growth darlings to dead money. (Aleph Blog, SmartMoney)

A look at Amazon ($AMZN) vs. Apple ($AAPL).  (Bigger Capital)

Sprint ($S) is in a “tricky state.”  (WSJ)

How the chart of Ford ($F) is emblematic of the market as a whole.  (chessNwine)

Finance

John Paulson is having a stunningly bad year.  (AR+Hedge)

High frequency trading is under scrutiny throughout the world.  (NYTimes)

In defense of Morgan Stanley ($MS).  (FT Alphaville)

What happens to the M&A crowd when there is no M&A?  (Deal Journal)

Mike Hogan, “Twitter and its financially focused satellites have become the digital world’s ticker tape.”  (Barron’s)

Global

The case for emerging market local bonds is not as cut and dried as it is made out to be.  (IndexUniverse)

Belgium is now on the credit ratings chopping blog.  (Bloomberg, MarketBeat)

The 18 year round-trip in Greek bond yields.  (Global Macro Monitor)

Economy

Absent a larger shock from Europe the US is not headed for recession.  (Econbrowser contra NYTimes)

Did the US economy experience a flash crash due to the debt crisis?  (Money Game)

Uncertain Americans are passing up on profitable investment opportunities.  (NYTimes)

At least inflation is coming down, right?  (Pragmatic Capitalism)

On the surprising drop in revolving credit.  (macrofugue)

Long term unemployment comes from a series of events.  (Rortybomb)

Steve Randy Waldman, “Widely adhered norms of fair play are among the most valuable public goods a society can hold.”  (Interfluidity)

Ezra Klein on whether the government’s response to the financial crisis and subsequent recession could have been much different.  (WashingtonPost)

Earlier on Abnormal Returns

Top clicks this week on Abnormal Returns.  (Abnormal Returns)

What you missed in our Saturday long form linkfest.  (Abnormal Returns)

Mixed media

Dealbook celebrates its 10th anniversary.  (Dealbook)

Justin Fox reviews Sylvia Nasar’s Grand Pursuit: The Story of Economic Genius.*  (NYTimes)

Follow your bliss but be prepared to cut your losses.  (Megan McArdle)

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*Amazon affiliate.  You know the drill.