Quote of the day

DH, “When trading is good, there nothing better in the world. When it’s bad, it’s the worst. The concept of “lunch bucket” trading is not realistic. Trading is all about nirvana followed by crushing agony. I wish I was joking.”  (Dynamic Hedge)

Chart of the day

Why is FX implied volatility so low?  (FT Alphaville)


In the end, you and you alone, are responsible for your investments.  (The Psy-Fi Blog)

Leave merger arbitrage to the pros.  (MicroFundy)


Facebook ($FB) is still way overvalued.  (Marketwatch, Forbes, The Atlantic, SAI)

It’s good to be the king of Zynga ($ZNGA).  (footnoted)

Value guys have given up on Microsoft ($MSFT).  (The Reformed Broker)

Corporate profits remain at record highs.  (The Atlantic)


How much are high frequency trading costing long-term investors?  (WSJ)

Why haven’t any hedge funds make a killing on the Euro crisis?  (Economist)

Is the problem with financial criminality one of culture or punishment?  (Total Return)

JP Morgan ($JPM) isn’t breaking up any time soon.  (Dealbreaker)


Greater transparency is coming to the world of securities lending.  (WSJ)

Actively managed mutual funds underperform AND are not transparent.  (Writings on Wall St.)


The demand for ETFs is clear: the case of Charles Schwab ($SCHW).  (IndexUniverse)

Are ETFs turning investors into day traders?  (Vanguard)


Europe has an entrepreneurship problem.  (Economist)

What if the ESM got a bank license? (Free exchange)

The best case scenario in Europe means an extended recession.  (Economist’s View)


Q2 shows that GDP growth is sluggish. (Capital Spectator, Capital SpectatorReal Time Economics, EconomPic Data)

The Fed can still lower interest rates further.  (Free exchange also Sober Look)

The Fed is too transparent in its MBS purchases.  (Sober Look)

Earlier on Abnormal Returns

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

Mixed media

The best interactive infographic we have seen on the Olympics.  (Slate)

Five guys, one deck, thirty years.  (Gawker)

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