Quote of the day

David Merkel, “So aim for the middle: take moderate risks, diversify, be realistic, and adjust your portfolio slowly as conditions change.  Then you can stay in the game, and compound your returns”  (Aleph Blog)

Chart of the day

The rally in long bonds didn’t start a couple of months ago.  (StockCharts)


The S&P 500 violated its 200 day moving average.  (The Tell, The Reformed Broker)

A lot of “de-risking” has already taken place.  (Barron’s)

Gold and copper are no longer on speaking terms.  (Sober Look)

Some of the best performing stocks over the past thirty years may surprise you.  (NYTimes)

The long US dollar trade is looking crowded.  (Sober Look)

Chalk one up for the bond market.  (StockCharts Blog)

How expensive are Treasury bonds?  (Big Picture)


The two systems traders use to navigate the markets.  (Derek Hernquist)

To trade well you should become an “expert in failure.”  (The Minimalist Trader)

What average investors should do in the midst of a market pullback.  (Points and Figures)

Is the pullback in MLPs buyable?  (Barron’s)

What to do in the aftermath of a market top? Do less.  (Howard Lindzon)

What do dividend-price ratios tell us about future returns using international data?  (SSRN via @quantivity)


Groupon ($GRPN) is now a better deal than it was two years ago when Google ($GOOG) tried to buy it.  (Henry Blodget)

Twitter is growing revenues faster than previously thought.  (Bloomberg)

What happened to technology’s blue chips?  (Fortune also Barron’s)


In defense of the equity markets.  (MacroBusiness)

The SEC is getting around to changing market circuit breakers.  (Dealbreaker)

Barry Ritholtz on how the FDIC could curb “reckless speculation” just like that.  (WashingtonPost)

Get ready for a shock: greater 401(k) fee disclosures.  (NYTimes)

GM ($GM) is taking steps to get out of the pension business.  (FT)


Just how much skin in the game do we want our fund managers to have?  (Jason Zweig)

Global macro hedge funds just can’t seem to pull it together.  (Sober Look)

Do junk bond ETFs have a tracking error problem?  (IndexUniverse)


A graph showing just how important India and China have become to the global economy.  (beyondbrics)

Is Canada facing a housing bubble?  (Sober Look)


Just in case you didn’t figure it out it was a really bad weak for economic releases.  (Bespoke)

Low interest rates does not mean the Fed’s job is done.  (Money Game)

Don’t expect the Fed to do anything any time soon.  (Tim Duy contra Money Game)

Why NOW is the time we should be spending more on infrastructure refurbishment.  (NYTimes)

The economy seems betwixt and between at the moment.  (Above the Market)

If auto sales are increasing how bad can the economy be?  (Value Plays also Calculated Risk)

Earlier on Abnormal Returns

My weekend coverage Q&A with Adam Warner about the Abnormal Returns book.  (Minyanville)

A look at what books Abnormal Returns readers purchased on Amazon last month.  (Abnormal Returns)

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

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

Mixed media

To get unstuck sometimes you need to start with a clean slate.  (Seth Godin via The Reformed Broker)

You are not a curator, you are just another fblogger.  (The Awl via kottke)

What does e-mail want from us?  (Tim Harford)

What do National Spelling Bee winners go on to become later in life?  (Slate)

Aaron Sorkin is likely to make a hash out of the Steve Jobs biopic.  (Pando Daily)

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