Quote of the day
KD, “There is no magic silver bullet strategy that you can mimic and print money.” (Kid Dynamite)
Chart of the day

The gold market did not like Bernanke’s testimony. (MarketBeat)
Gold
GMM, “Gold is a weird cat with multiple personalities and more than nine lives.” (Global Macro Monitor)
Lessons learned amongst a slew of junior miners. (The Reformed Broker)
Research into whether it is different this time for gold? (SSRN)
Markets
Hedge funds are once again long Treasury bond futures. (FT Alphaville)
May was a tough month for hedge funds. (Bloomberg)
Pimco can still do no wrong in the eyes of closed-end fund investors. (InvestmentNews)
Just how much did Nasdaq ($NDAQ) trading issues cost investors? (Bloomberg)
Strategy
Boring, high quality stocks outperform. (Marketblog)
What is your edge in trading IPOs? (Aleph Blog)
Character flaws also show up in trading as well. (Interloper)
Finally a stumble from Lululemon ($LULU). (FT Alphaville)
Technology
Early Facebook ($FB) investors got burned too. (WSJ)
A look at Dropbox’s “secret strategy.” (SAI)
Google ($GOOG) should be worried about losing its position as map provider on the Apple ($AAPL) iPhone. (Slate)
Twitter is coining money in mobile. (Reuters also Dealbook)
Finance
What next for secondary markets, post-Facebook? (Total Return)
How crowdsourcing went mainstream. (Fortune)
Private equity has changed a lot in the past twenty years. (Term Sheet)
What hedge funds are up to in Chapter 11. (Market Folly)
ETFs
How some bond ETFs have performed post-QE. (ETFReplay)
Pretty soon you will be able to reinvest your ETF dividends at NAV. (Ari Weinberg)
Institutional investors love corporate bond ETFs. (FT)
Investors cannot get enough fixed income ETFs. (FT Alphaville)
Global
China cuts interest rates…and more. (WSJ, Money Game)
Germany still holds all the cards in Europe. (Fortune)
A checklist for a European solution. (A Dash of Insight)
Economy
What Yellen and Bernanke are thinking these days. (Tim Duy, Mark Thoma)
Weekly initial unemployment claims continue to muddle along. (Calculated Risk)
Comparing the ISM manufacturing and services numbers. (Bespoke)
The myth of the skills shortage. (The Atlantic)
How many jobs has Apple created in the US? (Mark Thoma)
Oil is trading right around where it should based on fundamental factors. (Econbrowser)
Earlier on Abnormal Returns
Part two of our Q&A on the American economy with Daniel Gross author of Bigger, Stronger, Faster…The Myth of American Decline . . . and the Rise of a New Economy. (Abnormal Returns)
Mixed media
Everything in moderation…including exercise. (Well)
Absent some radical moves, newspapers are in liquidation mode. (GigaOM)
A prospectus for next, hot, no-miss tech IPO. (McSweeney’s)
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