Quote of the day
Douglas A. McIntyre, “There is just too much overlap among the business press that covers the same things. The business media business, in other words, is too crowded.” (24/7 Wall St.)
Chart of the day

The stock market is again approaching the “meridian market” trendline. (Market Anthropology)
Markets
High yield spreads are at the low for the year. (Bespoke also Distressed Debt Investing)
Liquidity means different things to different people. (FT Alphaville)
On the strength in copper and silver. (Bonddad Blog, SurlyTrader)
An oil market indicator that is acting up. (FT Alphaville)
Strategy
Why The Missing Risk Premium: Why Low Volatility Investing Works by Eric Falkenstein will change the way you think about investing. (Minyanville)
Alex Solomon, “The hope trade is, in many ways, is the contrarian trade.” (See It Market)
Are young investors investing too conservatively? (Systematic Relative Strength earlier TRB)
In praise of Gene Fama. (Falkenblog)
Companies
Why Zipcar ($ZIP) is cheap compared to the big auto rental companies. (SumZero)
Cisco ($CSCO) is now a serious dividend play. (YCharts Blog)
Finance
Highly leveraged mortgage REITs have become an important cog in the mortgage machine. (Sober Look)
Morgan Stanley ($MS) and Citigroup ($C) come to an agreement on the value of MSSB. (WSJ, FT Alphaville)
It is taking a while to wind down Lehman Brothers. (NYTimes)
The government made money on AIG ($AIG) by getting a call option on a bounce back in Asia. (Daniel Gross also Dealbreaker)
Global
How the ECB is putting the hurt on European democracy. (Money Game)
Australia is taking a different approach to regulating high frequency trading. (MarketBeat)
Vietnam shows just how quickly an emerging market can go from hot to not. (WSJ)
Economy
The economy is still figuring out what to do with all this new technology. (Free exchange)
What the JOLTS data says about the economy. (Global Economic Intersection)
Low interest rates: savers vs. government. (NYTimes)
There’s no shortage of wind power, the only question is how to exploit it all. (Wonkblog)
Earlier on Abnormal Returns
In praise of sensible investors doing boring stuff. (Abnormal Returns)
What you missed in our Tuesday morning linkfest. (Abnormal Returns)
Mixed media
Erin Griffith, “A business based on human curation will always be smaller by definition than one that scales through algorithms and computers.” (Pando Daily, ibid)
Learnvest is transforming itself into a force in financial planning. (GigaOM, SAI)
How Estimize became a true competitor to I/B/E/S. (Forbes)
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