Quote of the day
David Einhorn, “We’ve scoured the Nasdaq listing rules, reviewed the Securities Exchange Act of 1934, and engaged a leading numerologist. We can’t find any prohibition on trillion dollar market capitalizations.” (StreetSleuth via Clusterstock)
Chart of the day

What now for gold? (The Reformed Broker)
Markets
Of course interest rates can go lower. (MarketBeat)
Just because bonds are rich does not necessarily mean stocks are headed higher. (Above the Market)
Dividends can be the basis for the next ‘cult of equity.’ (FT)
A lot of people wanted to buck the “Sell in May” signal. (The Reformed Broker earlier Abnormal Returns)
Strategy
On the fear of failure and the need to “trade to win.” (Kirk Report)
How much is growth worth? It depends… (Aswath Damodaran, ibid)
On the differences between low beta and low volatility portfolios. (IndexUniverse)
Another interesting interview with Jack Schwager author of Hedge Fund Wizards. (Steven Goldstein via TraderHabits)
Companies
The case for Facebook ($FB). (The Atlantic)
Why Apple ($AAPL) needs to buy Spotify. (TechInsidr)
Why Loews ($L) always seems to trade at a discount to NAV. (The Brooklyn Investor)
Why Aetna ($AET) is undervalued. (Turnkey Analyst)
Why Whole Foods ($WFM) has been on such a tear. (YCharts Blog)
Some big technology companies are more stable than commonly thought. (YCharts Blog)
Finance
High frequency trading firms are now investing in microwave networks to save milliseconds. (WSJ)
Why the private equity industry is facing tough times, and what the big boys are doing about it. (Dealbook)
Does restricted stock make management more likely to pay a dividend? (Money Game)
Why investors are interested in seeding emerging hedge fund managers. (Institutional Investor)
Why the IPO process is not for companies trying to max out their value. (Epicurean Dealmaker contra Bronte Capital)
Global
Japanese companies are trying to buy some growth wherever they can find it. (WSJ)
Skilled worker shortages are a global issue. (Businessweek)
Economy
Nassim Taleb speaks. People freak out. (Bloomberg, Money Game, Tim Duy)
Seriously people housing is bottoming. (Money Game, The Basis Point also Bloomberg)
Something’s gotta give: the yield on rental housing is too damn high. (Modeled Behavior)
Enrico Moretti, author of the The New Geography of Jobs, on why technology is so important to the jobs outlook. (Pando Daily)
American companies are having a hard time filling open positions. (Global Macro Monitor)
Earlier on Abnormal Returns
The results of a conversation I recently had with Bill Luby about the Abnormal Returns book. (VIX and More)
What you missed in our Wednesday morning linkfest. (Abnormal Returns)
Mixed media
Another example of good old fashioned curation at work. (Pando Daily)
Intellectual property protections keep growing, while stifling innovation along the way. (NYTimes also Slate)
There are five types of entrepreneur and Elon Musk. (Pando Daily)
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