Quote of the day

Chris Viehbacher, Sanofi’s chief executive, “One of the most frustrating things is that people who bring you sugared drinks and potato chips have higher multiples than an industry that will save your life.”  (FT)

Chart of the day

Gold miners can’t seem to get out of their own way these days.  (The Technical Take)


Americans think gold is the safest asset.  (The Atlantic also Big Picture)

In April the stock market punished those companies with the most international exposure.  (Bespoke)

Stocks and corporate bonds have disengaged from each other.  (BondSquawk)

The volatility of volatility has cratered.  (Adam Warner)

Why you shouldn’t rely on single variable analysis.  (Big Picture)


On the benefit of finding a bunch of “no trades.”  (Condor Options)

How to place more effective stops.  (Brian Lund)

How has the “Pimco new normal” portfolio performed in practice?  (I Heart Wall Street)

A review of the literature on ‘risk parity‘ strategies.  (Empiritage)

Should the business cycle affect the valuation measure you use?  (Greenbackd)

Personal finance

Don’t forget that in the end, personal finance is entirely personal.  (Above the Market)

Why retirement distribution plans should be sensitive to market valuations.  (Aleph Blog)

Are online money managers missing out on the big picture?  (Forbes)


The missed opportunity at TheStreet.com ($TST).  (24/7 Wall St.)

Green Mountain Coffee ($GMCR) should tell you all you need to know about Street research.  (The Reformed Broker)

Putting your Apple ($AAPL) estimates to the test.  (Breakingviews)

Wall Street is misvaluing private equity firms.  (Term Sheet)


An interactive Facebook valuation calculator.  (FT)

Nancy Miller author The Facebook IPO Primer on what the Instagram acquisition tells us about Facebook ($FB).  (Abnormal Returns)


No wonder no one wants to get into the credit ratings business.  (Dealbook)

The Volcker Rule is coming closer to implementation.  (Dealbook)

Why hedge fund advertising is likely to lead to more hedge fund mergers.  (Focus on Funds)

A good interview with Simon Lack, author of The Hedge Fund Mirage.  (Pension Pulse)

Mutual fund firms are facing a more discerning public.  (Businessweek)


Vanguard isn’t so sure about the idea of paying ETF market makers.  (Focus on Funds)

Charles Schwab ($SCHW) customers love ETFs.  (IndexUniverse)

Why currency ETFs have not taken off.  (ETF Trends)

In praise of target date-maturity bond ETFs.  (IndexUniverse)


Is Australia the last great bubble?  (Money Game, FT Alphaville)

A visual representation why Europeans are having such a hard time getting along.  (FT Alphaville)

Emerging markets have an increasing thirst for scotch. Good thing for Diageo ($DEO).  (The Source)

Why is the ECB reluctant to act?  (Gavyn Davies)


Weekly initial unemployment claims resume their decline.  (Calculated Risk, Bespoke)

The ISM non-manufacturing index slowed in April.  (Calculated Risk, Bespoke)

An April employment report preview.  (A Dash of Insight)

The Fed

What can the Fed still do to support the economy?  (Econbrowser)

David Einhorn wants the Fed to normalize policy.  (HuffingtonPost)

Earlier on Abnormal Returns

The myth of the frictionless equity risk premium.  (Abnormal Returns)

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


The e-book space is going to evolve faster than we think.  (Slate)

How Andreesen Horowitz became the big dogs of Silicon Valley.  (Forbes also Term Sheet)

Oh the tangled web that Silicon Valley weaves: today “deal scouts.”  (Pando Daily)

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