Quote of the day
Buttonwood, “Many hedge fund managers are smart, and some managers may be a lot smarter than the average investor. The difficulty is in identifying those investors in advance.” (Buttonwood’s notebook)
Chart of the day
Bill Ackman has reportedly targeted Procter & Gamble ($PG). (WSJ)
Markets
A tough start to the earning season. (Bespoke)
The new high list is filled with all sorts of debt-related instruments. (Aleph Blog)
Why are Wall Street strategists so bearish? (Nancy Miller)
The valuation case for megacaps. (Horan Capital)
Strategy
How personal biases can (negatively) affect trading performance. (Ivanhoff Capital)
Why is trading so hard? (Adam Grimes)
George Soros’ best investment advice. (Market Folly)
Companies
Amazon ($AMZN) is going to kill your local retailer with same-day delivery. (Slate)
Caesar’s Entertainment ($CZR) has broken its IPO price. (Deal Journal)
Who wants to invest in Phil Falcone’s new company? (Dealbreaker)
Finance
The story is starting to come out about Peregrine Financial, its CEO and its auditor. (WSJ, FT, Reuters)
How cities and states lost (or not) on Libor. (Term Sheet, Huffington Post, Dealbreaker)
Not all municipal bankruptcies are created equal. (Businessweek)
Why the Libor scandal matters. (The Reformed Broker also FT Alphaville)
Private equity
Private equity firms continue to borrow to pay dividends. (Bloomberg)
Private equity firms are beginning to act like the big businesses they are. (Dealbook)
ETFs
Mutual funds are loathe to show ETF holdings on their balance sheets. (Ari Weinberg)
Doubleline Capital continues to rake in capital. (InvestmentNews)
The seven unique risks of ETNs. (Rick Ferri)
What small caps are dominated by ETFs? (Focus on Funds)
Why the grain ETPs have lagged spot prices. (IndexUniverse)
Global
China as a post-capital economy. (FT Alphaville)
The Brazilian economy is stuck in neutral. (beyondbrics)
How new production methods are changing the global oil picture. (Econbrowser)
Economy
Weekly initial unemployment claims drop. (Calculated Risk, Capital Spectator, Bespoke)
Joe Weisenthal interviews Paul Krugman about his new book, End This Depression Now! (Business Insider, ibid)
Why the Fed might be looking for some new policy tools. (WSJ, Economist’s View)
A simple explanation why the Fed is on hold. (Daniel Gross)
Large companies have sat out the hiring recovery. (Invictus)
What temp employment means for future employment reports. (Value Plays)
Earlier on Abnormal Returns
What you missed in our Thursday morning linkfest. (Abnormal Returns)
Mixed media
NBA players will now be forced to save for retirement. (Bloomberg)
Will blogs replace newsletters for wealth managers? (Nerd’s Eye View)
Why we need to mix up our work routines to become more productive. (Time)
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