Quote of the day

Tsachy Mishal, “My investment philosophy is that one does not get paid to be comfortable, one gets paid to suffer.”  (Capital Observer)

Chart of the day


The slow march down in Apple’s ($AAPL) P/E ratio.  (Bullish Cross via Felix Salmon)


Are high corporate profit margins here to stay?  (Bloomberg)

How far might the market bounce?  (All Star Charts)

Muni bond headwinds in 2012.  (Total Return)


Managing returns, and expectations, through an entire cycle is the key for money managers.  (The Reformed Broker)

Value strategies are “tough to risk manage” using moving average systems.  (Turnkey Analyst)

Why high quality stocks are likely to outperform.  (Value Restoration Project)

A simple market breadth system.  (Woodshedder)

Why overconfidence survives and thrives.  (Falkenblog)


In praise of the amazing Steve Wynn and Wynn Resorts ($WYNN).  (Howard Lindzon)

Some perspective:  Goldman Sachs ($GS) is trading at roughly a third of its peak price.  (chessNwine)

Is Wall Street to blame for Big Pharma’s failures to innovate?  (Term Sheet)


The new Apple ($AAPL) cloud storage facility is no great jobs creator.  (The Reformed BrokerBusiness Insider)

Trying to estimate the growth in iOS sales in 2012.  (Asymco)

Signs of trouble at Zynga.  (Dealbook)

The ‘Cambrian explosion‘ in startups.  (TechCrunch)


The full extent of Federal Reserve support for the big banks was a tightly controlled secret.  (Bloomberg)

Reactions to the news about the extent of the 2008 loans to TBTF banks.  (Felix Salmon, TRB, naked capitalism)

The Dick Bove mea culpa.  (FT Alphaville, The Reformed Broker)

The usual suspects are lining up to buy Deutsche Bank’s asset management arm.  (FT)

Jon Corzine as the face of arrogance on Wall Street.  (NY Post)


The challenge of identifying active managers.  (Buttonwood)

Legg Mason ($LM) is getting into the actively managed ETF game with a $MINT clone.  (IndexUniverse)

Don’t count on a return to stock picking any time soon. (MarketBeat)


On the ECB’s recalcitrance to act as a lender of last resort.  (New Yorker also Daniel Drezner)

Germany is already a victim of the Euro crisis.  (Curious Capitalist)

How a ‘Minsky moment‘ works.  (FT Alphaville)


Don’t read too much into booming Black Friday sales figures.  (Daniel Gross, Economist’s View also Crackerjack Finance)

Consumers continue to deleverage.  (Calafia Beach Pundit, Calculated Risk)

When one-offs ruin your budget.  (Bucks Blog)

Earlier on Abnormal Returns

Monday videos including Seth Klarman talking investing psychology.  (Abnormal Returns)

Why hedge funds may once again be alternative investments.  (Abnormal Returns)

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

Mixed Media

The magic scandal of education.  (EconLog, ibid)

Margin Call is the “most insightful” Wall Street movie ever made.  (ProPublica, ibid)

News flash: college football coaches are biased.  (Real Time Economics)

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