Quote of the day

MS, “The next time you take a loss thank your lucky stars it happened. Celebrate it. You did what you needed to do.”  (Mortality Sucks)

Chart of the day

IYT Chart

IYT data by YCharts

Keep an eye on the transports for market clues.  (MarketBeat)


Why we need an “air traffic control” for the stock markets.   (Jason Zweig)

Why we need to slow markets down.  (Aleph Blog)

Why does everyone think ‘IPO pops‘ are a good thing?  (Henry Blodget, Joe Nocera)

Equity cult

Michael Santoli, “Reports on the death of the public stock investor may only be slightly exaggerated. But these reports have certainly gotten loud, shrill and rife lately.”  (Barron’s)

No new secular bull market can begin until the end of ‘financial repression.’  (FT)

Why the ‘equity cult’ is still dying.  (Money Game)


How to invest with a targeted volatility approach.  (VIX and More)

On the need for, and calculation of, multi-asset class benchmarks.  (SSRN via @quantivity)

Reaching for yield in the bond market is a real thing..amongst insurers. (SSRN)


What does Carl Icahn think he can accomplish with troubled Chesapeake Energy ($CHK)?  (WSJ, ibid)

The most recent version of AOL ($AOL) stock is back to near all-time highs.  (Money Game)

A look at another under the radar company, Seacor Holdings ($CKH).  (The Brooklyn Investor)


Is there really an illiquidity premium?  (Felix Salmon)

Why do you still have money with a financial adviser at a TBTF bank?  (I Heart Wall Street)

Why investment advisers should be graded like restaurants.  (The Atlantic)

Check out who made money betting against JP Morgan’s ($JPM) ‘London whale.’  (NYTimes)


Thank goodness, finally an ETF that holds Facebook ($FB).  (IndexUniverse)

Not all target date funds are created equal.  (Chuck Jaffe)


Nobody really knows how a Greek exit from the Euro could play out.  (Real Time Economics)

Don’t forget about this factor driving the price of the Euro (lower).  (Money Game)

What odds are Intrade traders putting on a Euro exit.  (NYTimes)

The failure in Europe is in large part a failure of leadership and coordination.  (NYTimes)


The case for the strength and flexibility of the US economy.  (Free exchange)

Have we overrated the prospects for the Indian economy?  (naked capitalism)

What countries are undervalued these days?  (Marginal Revolution)

Earlier on Abnormal Returns

What you missed in our Saturday long form linkfest.  (Abnormal Returns)

Top clicks this week on the site.  (Abnormal Returns)

Why secular bear markets are a good time to learn about investing.  (Abnormal Returns)

Mixed media

Looking forward to John Coates’ The Hour Between Dog and Wolf: Risk-Taking, Gut Feelings and the Biology of Boom and Bust.  (Economist)

Why the “experience economy” is overtaking the product economy.  (Chris Dixon)

An interview wit Elon Musk about where SpaceX is going.  (New Scientist also LATimes)

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