Quote of the day
Eddy Elfenbein, “The lesson for investors is that you’re often exposed to some market or variable even when you think you’re not.” (Crossing Wall Street)
Chart of the day
While you weren’t paying attention the Greek stock market has rallied hard. (Money Game)
Markets
The stock market needs more 35-39 years old and will soon get them. (The Reformed Broker)
Robert Shiller and Barclays launch new indices based on CAPE. (FT)
The stock market loves political gridlock. (Sober Look)
Trading
Fishermen, scientists and traders are wrong a lot. (Zikomo Letter)
If you make money on every trade you will go broke. (Trader Habits)
Financial planning
On the gamification of financial planning. (Nerd’s Eye View)
Is the fiduciary standard a joke? (Total Return)
Institutional investing
Buying, renovating and renting foreclosed homes is shifting from mom-and-pop investors to institutions. (WSJ)
Institutional investors are souring on commodities funds. (FT)
Companies
Three legs to a new bull story for Facebook ($FB). (SAI)
Why the Apple ($AAPL) iPhone 5 launch is such a big deal. (ReadWriteWeb also Pando Daily)
As Amazon ($AMZN) adds warehouses it also starts collecting sales tax as well. (NYTimes)
Research in Motion ($RIMM) is in deep trouble domestically but still has fans overseas. (AllThingsD, WSJ)
Finance
The business mix for Morgan Stanley ($MS) continues to shift towards wealth management. (Dealbreaker)
Lehman Brothers is playing the long game in the real estate market. (NYTimes)
Can you make money on firms with better corporate governance? (Dealbook)
ETFs
ETFs are great when it comes time to do some tax loss harvesting. (Ari Weinberg)
If BlackRock ($BLK) cuts its fees on ETFs how might it affect earnings? (FT)
The iShares MSCI Frontier 100 Index ETF ($FM) is coming. (Focus on Funds)
Why junk bond investors should look short: PIMCO 0-5 Year High Yield Corporate Bond Index ETF ($HYS). (Morningstar)
Why UBS deep-sixed a slew of VIX ETNs. (IndexUniverse)
Global
The pieces are falling into place for an eventual Euro solution. (Gavyn Davies)
UK firms seem to be hoarding labor. (FT Alphaville)
China’s stock market doesn’t work…and never will. (Foreign Policy)
Economy
Where did all the positive payroll revisions go? (Capital Spectator)
Garrett Jones, “Humans are a bubbly species.” (EconLog)
The payoff to a college degree is in decline. (Wonkblog)
Earlier on Abnormal Returns
What you missed in our Wednesday morning linkfest. (Abnormal Returns)
Mixed media
On the sorry state of financial journalism. (The Psy-Fi Blog)
Brute force computing now beats formal models in most cases. (Bits)
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