Quote of the day
Ruchir Sharma, “Commodity bubbles are the worst kind, because when they pop, capital is simply destroyed and society is left with no more gold, diamonds, or fine wines than when it started.” (FT)
Chart of the day
What does Nelson Peltz see in Lazard ($LAZ) shares? (The Brooklyn Investor)
Markets
Was 1.12% the low for 10-year bund yields? (WSJ)
Stocks are not the economy, redux. (Money Game)
Are the high dividend yielders now overvalued? (InvestmentNews)
Why Chinese gold demand is likely to rebound. (Bronte Cpaital)
Strategy
“In financial markets, overconfidence is the enemy of patience. ” (Systematic Relative Strength)
Why can’t the macro-types and the trader-types just get along? (The Reformed Broker)
Familiarity breeds mediocre returns for mutual fund managers. (Marketwatch)
Companies
Don’t overthink it: Procter & Gamble ($PG) is cheap. (SumZero)
The case against Philip Morris International ($PM). (Charles Sizemore)
The future of Facebook ($FB) is payments. (TechCrunch)
Apple
Why do Apple stores have so many employees? (Asymco also Slate)
How a new Apple iTV could be really different with the use of sensors. (claimchowder via @asymco)
How much does it cost to charge an iPad for a year? (Daring Fireball)
Finance
How finance borked up the economy: it grabbed too many scientists. (FT Alphaville)
Quant Mark Carhart is back with a new fund that is doing quite well, thank you very much. (Reuters)
Should ETF shareholders pay incentives to market makers? (InvestmentNews)
Global
The Israeli central bank is easing. (FT Alphaville)
The US stands out on this key demographic metric. (Wonkblog)
The Indian rupee just keeps on falling. (FT Alphaville)
Iceland’s economy is slowly getting better. (Investing Caffeine)
Economy
The Chicago National Fed Activity Index showed slower growth in May. (Calculated Risk)
The end of household deleveraging is near. (Calafia Beach Pundit)
New home sales continue to edge higher. (Calculated Risk, The Atlantic)
Expect further drops in gasoline prices. (Econbrowser)
There is quite a wait until the next FOMC meeting. (Tim Duy)
Labor
No one wants to talk about the big role that luck plays in business success. (FT)
The economic advantages of moving in with Mom and Dad. (EurekaAlert)
Law school grads face a “brutal job market.” (WSJ)
Earlier on Abnormal Returns
What you missed in our Monday morning linkfest. (Abnormal Returns)
Social media
Institutional investors are getting serious about social media. (Inside Investor Relations, TRB)
Social media is just another medium for being social. (Nerd’s Eye View)
Morgan Stanley ($MS) advisers will now be allowed to tweet…using pre-approved tweets. (FT)
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