Quote of the day
Seth Godin, “Risk, fear and worry. They are not the same thing.” (Seth Godin)
Chart of the day
Bellwether alert: UPS ($UPS) cuts earnings estimates. (Bloomberg)
Markets
Cyclical stocks are at at three-year low. (Crossing Wall Street)
What is the message of the TIPS market? (Calafia Beach Pundit)
The Nikkei Index has been keying off the yen. (StockCharts Blog)
Are Spanish stocks still a value trap? (Sizemore Insights)
Strategy
Comparing a 60/40 strategy with risk parity portfolios. (Turnkey Analyst)
The five dimensions of investment risk. (Rick Ferri)
William Bernstein on the attractions of cash. (IndexUniverse)
What the Schwab Advisor survey says about the shift towards RIAs. (Wealth Management)
The three things required of a useful trading book. (SMB Training)
Companies
An in-depth look at Amazon’s ($AMZN) valuation. (FT)
Why Amazon shouldn’t be in the hardware business. (Techland)
An Apple ($AAPL) earnings preview. (AllThingsD, Leigh Drogen)
Finance
Why Americans don’t have offshore bank accounts. (Felix Salmon)
Wall Street is now hot on foreclosed homes. (Term Sheet)
Pension plans are still sporting unrealistic return expectations. (Reuters)
Venture capital
Andreesen Horowitz scores big time with its first fund. (Term Sheet)
Why successful entrepreneurs often drift into venture capital: because doing another startup is hard. (Dealbook)
ETFs
Target date expense ratios are still all over the map. (Bucks Blog)
Checking in on the performance of the Barclays S&P 500 Dynamic Vector ETN ($VQT). (Focus on Funds)
Vanguard is launching short-term TIPS ETF. (Vanguard)
Economy
Another sign, FHFA home prices, that the housing recovery is intact. (Money Game)
How the drought is going to affect the broader economy and not in a good way. (Slate)
Why the Fed should start buying mortgage-backed securities. (Wonkblog)
Does “disaster economics” help explain today’s ultra-low interest rates? (FT)
Earlier on Abnormal Returns
What you missed in our Tuesday morning linkfest. (Abnormal Returns)
Mixed media
On the coming backlash against our devices and apps. (NYTimes)
Want a job? Get a trucking license. (CNNMoney)
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