Quote of the day

Jeff Miller, “Most of what you read and hear comes from people who want to explain the day’s trading as if they had predicted it.”  (A Dash of Insight)

Chart of the day

Intrade gets the Obamacare decision wrong.  (Big Picture)

Markets

64 investing cliches to help you fit in on CNBC.  (Eric Jackson)

Why are bond yields so low? Two worrisome prospects.  (Project Syndicate)

Does uncertainty have seasonality?  (Big Picture)

Stock buybacks are falling.  (Money & Co.)

Europe

What equity volatility tells us about Europe.  (VIX and More)

Europe is where the distressed debt opportunities lie.  (Market Folly)

Strategy

What do you believe about investing in a post-MPT world?  (Institutional Investor)

Why hasn’t the low volatility anomaly been arbitraged away?  (Larry Swedroe)

It is time to start trading in some new hunting grounds?  (RogueTraderette)

Fixed income

When bond ladders make sense.  (Aleph Blog)

What is the purpose of fixed income?  (Systematic Relative Strength)

Companies

How LinkedIn ($LNKD) turned into a cash machine.  (Forbes contra SumZero)

Are male CEOs more overconfident than female CEOs?  (SSRN via @jasonzweigwsj)

Why cosmetics companies may be the ultimate recession hedge.  (Scientific American)

Finance

HFT ain’t perfect but it has made markets more liquid.  (MarketBeat)

Wait wait…don’t tell me! Why we need to slow trading down.  (Institutional Investor)

Why everyone still wants to work on Wall Street.  (Business Insider)

Libor

The money markets are the new interbank market.  (Felix Salmon)

Libor ain’t no big deal.  (Sober Look)

ETFs

On the potential dangers of self-indexing.  (IndexUniverse)

This is one dirty ETF…Greenhaven is planning a futures-based coal ETF.  (IndexUniverse)

Economy

The Supremes uphold Obamacare. What it means and how the stock market reacte.  (WSJ, NYTimes, Wonkblog also Crossing Wall Street, MarketBeat, The Atlantic)

Weekly initial unemployment claims continue to muddle along.  (Calculated Risk, Bespoke)

Rail traffic is hanging in there.  (Value Plays)

In praise of scatter graphs.   (Justin Fox also Economist’s View)

Earlier on Abnormal Returns

You are not Rafael Nadal: on the importance of avoiding unforced errors in investing.  (Abnormal Returns)

What you missed in our Thursday morning linkfest.   (Abnormal Returns)

Mixed media

Apple ($AAPL) is getting around to fixing iTunes.  (Bloomberg)

The ten best television shows so far.  (Paste)

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