Quote of the day

Jason Zweig on Bill Miller, “Rack up big losses—or big gains—in obscurity and no one notices. Lose a lot of money once you are a star and no one will forget.”  (WSJ, ibid)

Chart of the day

Welcome the TED spread back to the conversation.  (I Heart Wall Street, Calculated Risk)


Stock returns around Thanksgiving Day.  (CXO Advisory Group)

Today’s environment is filled with an “excess of disconnects.”  (Capital Spectator)

Widely divergent outcomes favor the prepared.  (Interloper)

There is not enough commercial paper to go around.  (WSJ)

Natural gas is wicked cheap compared to crude oil.  (Carpe Diem)

Your go-to guide for option pinning.  (Investing With Options)


Dividend stocks are outperforming.  (Bespoke)

Are REITS inevitably going to benefit from ongoing demand for dividends?  (Focus on Funds)

How well do dividend strategies sort country returns?  (World Beta)

Financial advisers

Selling legacy stock can be tough, despite ultra low capital gains rates.  (Total Return)

Managing risk for financial advisers is always job one.  (Financial Adviser)

The ten clients from hell.  (Registered Rep)


Putting the decline in Salesforce.com ($CRM) into perspective.  (chessNwine)

Apple ($AAPL) is becoming a GARP name.  (Bloomberg)

Can Netflix ($NFLX) afford to make a comeback?  (Atlantic Wire)

The much anticipated Facebook IPO is closer than you think.  (SAI)


Five questions about a potential Amazon ($AMZN) smartphone.  (SplatF)

The Kindle Fire is going to cause Apple to cut iPad prices.  (Slate also Marco Ament)

This product is Yahoo’s ($YHOO) last, best hope.  (SAI)

Why Siri changes everything.  (Fortune)

How Spotify is changing music listening.  (SplatF)


MF Global apparently used customer funds to back their poor trades.  (Dealbook)

How to identify program trading.  (Dynamic Hedge)

How market on close orders are helping to cause late day volatility.  (FT Alphaville)

CME Group ($CME) is no longer the darling of Wall Street.  (Points and Figures)

How to fix the ratings agency incentives.  (Dealbreaker)


What does it say when a bond index fund leads its category?  (WSJ)

$EEM is now playing catch up with $VWO. (IndexUniverse)

Some details on the forthcoming AdvisorShares Global Alpha & Beta ETF ($RRGR).  (IndexUniverse)


The debate over the role of the ECB and potential monetization rolls on.  (WSJ, Global Macro Monitor)

The global deleveraging story in charts.  (FT Alphaville)

UK banks have been cutting their exposure to Euro banks.  (FT)

The decision for Germany is stark:  inflation or chaos.  (Money Game)

It took a while but Euro doomsayers are returning to prominence.  (NYTimes)


Leading indicators point to continued economic strength.  (Real Time Economics, EconomPic Data)

Maybe we should be looking at the ratio of coincident to lagging indicators?  (Economics Musings, MarketBeat)

Heavy truck sales are bouncing back.  (Calculated Risk)

Housing market woes are easing, albeit slowly.  (WSJ, Crackerjack Finance, Bonddad Blog)

The longevity crisis is coming.  (Above the Market, ibid)

Earlier on Abnormal Returns

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


Read James Rickards’ Currency Wars: The Making of the Next Global Crisis as a history of the currency markets.  (Big Picture)

A review of Robert Franks’ The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust.  (Rogue Economist Rants)

Some lessons from Michael Martin’s The Inner Voice of Trading: Eliminate the Noise, and Profit from the Strategies That Are Right for You.  (Finance Trends Matter)

Mixed media

Physics is in turmoil as new findings call into question existing theories. (Nature, Atlantic Wire)

Interleague play will soon be an everyday fact of baseball.  (SportsBiz Blog)

More parking spots kill cities.  (Felix Salmon)

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