Quote of the day

John Kay, “The average length of time for which buyers hold shares today is very short. But the average length of time for which shares have been held by their current owner is much longer.”  (FT)

Chart of the day

Wal-Mart ($WMT) is in the midst of the “mother of all trading ranges.”  (Crossing Wall Street)


The Brent-WTI spread did a round trip in 2011.  (Bespoke)

Stock correlations are easing into year end.  (MarketBeat)

Another fallout from the year of the dividend:  the Dogs of the Dow outperformed.  (Market BlogMarketBeat)


Eleven observations on volatile volatility in 2011.  (Adam Warner)

A closer look at the performance of $VQT.  (VIX and More)


Streamline your trading in 2012.  (bclund)

Why investing sensibly is so difficult.  (Felix Salmon)

How Larry Swedroe invests client money.  (NYTimes)

Consuelo Mack talks with two financial planners with flat-fee business models. (Wealthtrack)

Are you saving enough?  (Megan McArdle)


What Norway can teach us about investing.  (Total Return)

Do some university endowments earn alpha?  (SSRN via CXOAG)

Some links on forecasting models.  (Capital Spectator)


Why Apple ($AAPL) should stop its patent war.  (GigaOM, Tech Trader Daily)

The key to any Apple TV strategy:  content.  (SAI)

Sears Holdings

Eddie Lampert’s decision to never hire a serious CEO for Sears Holdings ($SHLD) is coming home to roost.  (Jeff Matthews)

Why Sears did not turn out to be an AutoZone ($AZO).  (Crackerjack Finance)

Does private equity want any part of Sears?  (Term Sheet)


The bull case for Citigroup ($C).  (Breakingviews)

The Internet IPO pipeline is full for 2012.  (Bloomberg)

How share buyback programs differ between US and UK companies.  (FT)


The French don’t get it.  (Martin Feldstein)

The BRIC decade is over says Goldman Sachs.  (Bloomberg)

China’s stock market looks ready to revisit 2008 lows.  (Global Macro Monitor)

What if the US loses the lead in R&D to China?  (NYTimes)


Why the economy is better than we think.  (The Daily Beast)

What the return of layaway plans says about the American consumer.  (New Yorker)

The US has some natural advantages that can work the economy’s advantage.  (Econbrowser)

Building a second term on the backs of passenger rail.  (Gregor Macdonald)

Why online poker is likely to be legalized.  (Marketwatch)

Earlier on Abnormal Returns

Triple net returns and the importance of taxes.  (Abnormal Returns)

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


Seven things highly productive people do.  (Farnam Street)

How to create a better to-do list.  (WSJ)

Victims vs. conquerors:  which are you?  (Chicago Sean)


The year in financial blogging from some one who should know.  (The Reformed Broker)

The best market resources for 2012.  (Stock Sage)

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