Quote of the day
David Merkel, “Short-dated financing of long-term assets is at the root of most financial crises.” (Aleph Blog)
Chart of the day

Former momentum favorite OpenTable ($OPEN) now has only enemies. (Bloomberg)
Video of the day
Mike Mayo author of Exile on Wall Street: One Analyst’s Fight to Save the Big Banks from Themselves talks with Tom Keene.* (Big Picture)
Markets
It may not feel like it but the US stock market has been the place to be over the past year. (FT Alphaville)
On the financialization of the oil market. (Pragmatic Capitalism)
Strategy
Can momentum strategies still add value? (Turnkey Analyst)
You can go broke waiting for the return of rationality. (Interloper)
A look at tax loss-harvesting strategies. (Morningstar)
Institutions just like individuals can go on tilt in their trading. (TraderHabits)
Technology
The big stumbling block for a new Apple TV solution. (SplatF)
Tim Cook is already putting his imprint on Apple ($AAPL) as CEO. (WSJ)
Hewlett Packard ($HPQ) is America’s most hated stock. (Institutional Investor)
Online identity: Twitter vs. Facebook vs. Google ($GOOG). (GigaOM)
Has Square solved the mobile payment problem? (Slate, SplatF)
Finance
Corzine never learned the lessons of LTCM. (Bloomberg)
Whitney Tilson is a fan of Goldman Sachs ($GS) stock. (Clusterstock)
SecondMarket gets money from VCs to help employees and VCs cash out. (WSJ, peHUB, Dealbreaker)
ETFs
25 things you need to know about ETFs. (ETFdb)
Is there a market for an actively managed fund of funds buy-write ETF? (IndexUniverse)
Do you need a global pharma ETN? (Invest With An Edge)
Global
Putting the odds of a hard landing in China at 1 in 3. (FT Alphaville)
A European recession is inevitable. (Economist’s View also WSJ)
What can Europe learn from the collapse of Lehman Brothers? (Free exchange)
Who is going to pay for Europe’s losses? (Money Game)
A guide to Greek politics. (Real Time Brussels)
Economy
The US economy is becoming increasingly fragile. (Tim Duy)
The Geography of GDP. (Econbrowser)
On the prospects for a lost decade for the US economy. (The Atlantic)
Earlier on Abnormal Returns
Should we be worried about high stock correlations? (Abnormal Returns)
What you missed in our Wednesday morning linkfest. (Abnormal Returns)
Mixed media
College has been oversold. (Marginal Revolution via Kid Dynamite)
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*Amazon affiliate. You know the drill.