Quote of the day
Buttonwood, “It is not clear why it is a good deal for outside shareholders if one buys back shares with one hand and issues them with the other.” (Economist)
Chart of the day
Tech sector earnings estimates ex-Apple ($AAPL). (Money Game)
Markets
If multiple expansion is over, companies now need to start earning their keep. (Money Game, MarketBeat)
The case for remaining long risk. (Economic Musings)
On closer inspection, Goldman’s bullish call this week wasn’t all that bullish. (Money Game)
Another quarter in which equities are crushing bonds. (Bespoke)
The market is going to have to do some hard work to break to new highs. (Dynamic Hedge)
Is this the best market indicator, ever? (dshort)
Strategy
Claims of market timing success are usually exaggerated. (A Dash of Insight)
Why many investors fail to diversify overseas. (Market Blog)
Who does a better job of picking stocks: man or machine? (Empiritage)
Why do people trade instruments they don’t understand? (Investing With Options)
Thomas J. Herzfeld is still waiting to profit from when the US lifts the Cuba trade embargo. (WSJ)
Companies
Why Apple ($AAPL) should get social and buy Twitter. (Barry Ritholtz)
What is the “new” Google ($GOOG) all about? (Pando Daily)
Reviewing the case for homebuilders: KB Home ($KBH) edition. (Money Game)
A closer look at Howard Schultz’s Starbucks ($SBUX) spin. (The Atlantic)
Finance
Things are not looking good for Jon Corzine at the moment. (Bloomberg, WSJ)
What happened with the BATS Global Markets IPO. (WSJ, Felix Salmon)
The BATS IPO implosion was rare, but other firms that have pulled their IPOs. (Dealbreaker, Clusterstock, TRB)
Mini-flash crashes happen more often than the statistics say. (Apple 2.0, Businessweek)
Hey, why is no one talking about potentially the biggest scandal of all: Libor collusion. (Term Sheet)
Don’t be fooled the bank bailout is ongoing. (Big Picture)
In praise of the JOBS Act. (A VC)
ETFs
Is the case of $TVIX going to prompt the SEC to change how it deals with complex ETP? (Sober Look)
The ETFs that financial advisers love. (Ari Weinberg)
There are two ETPs structured as C-corps. What you need to know. (Invest With An Edge)
There are not a ton of international REIT ETFs. (IndexUniverse)
Equity mutual funds continue to lose ground to ETFs. (Sober Look)
Global
Four problems with aggressive monetary policy. (Marketwatch, Money Supply)
Why is the UK economy sucking wind? (Marginal Revolution)
Economy
Miles driven jumped in January. (Calculated Risk)
Comparing the last two recessions. (Modeled Behavior)
The age of the shadow bank run. (NYTimes)
Earlier on Abnormal Returns
Pop-up trades or what traders can learn from the hot new restaurant trend. (Abnormal Returns)
What you missed in our Saturday long form linkfest. (Abnormal Returns)
Top clicks this week on the site. (Abnormal Returns)
Mixed media
Is some one trying to game Bloomberg.com’s list of most popular articles? (Big Picture)
Some people are holding out against the smartphone wave. (NYTimes)
According to Forbes there is a bull market in MLB team valuations. (EconomPic Data)
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