Quote of the day
The FOMC, “To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens.” (Calculated Risk also Money Game, Wonkblog)
Chart of the day

The Fed plan to buy $40 billion mortgage-backed securities a month. (Bloomberg)
Markets
A look at earning estimates for large, mid and small cap indices. (Dr. Ed’s Blog, BondSquawk, Horan Capital)
On the chasm between the stock market and the economy. (Curious Capitalist)
Does demography imply destiny? (Above the Market)
Strategy
What Ray Dalio says about strategic asset allocation. (Money Game)
Some old school advice from Peter Lynch. (market folly)
Hedge funds are being punished for being too defensive. (Sober Look)
Apple
How many iPhone 5s will Apple sell in its first weekend? (Asymco, Bloomberg)
Has the massive success of the iPhone frozen development of new features? (The Verge)
Why Apple ($AAPL) isn’t launching a music subscription service just yet. (paidContent)
Companies
Private equity is getting interested in shipping. (Businessweek)
Why it is a good thing that Mark Zuckerberg can pretty much ignore Facebook ($FB) shareholders. (Slate)
Finance
Banks are letting insiders circumvent IPO lockups. (WSJ)
A look at Banco Santander’s huge Mexican IPO. (Knowledge@Wharton)
ETFs
A look at the growing number of defined maturity bond funds. (Learn Bonds)
Some replacements for some shuttered ETFs. (ETFdb)
Global
A tribal dispute is holding up New Zealand’s biggest-ever IPO. (Deal Journal)
In contrast to the rest of the world Russia is raising interest rates. (beyondbrics)
Can the shale gas boom go global? (Buttonwood)
Economy
Initial unemployment claims continue to tick higher. (Calculated Risk, Bespoke)
Earlier on Abnormal Returns
Active management, personal responsibility and self-improvement. (Abnormal Returns)
What you missed in our Thursday morning linkfest. (Abnormal Returns)
Mixed media
What Nate Silver, author of The Signal and the Noise: Why So Many Predictions Fail But Some Don’t, thinks about a number of sports. (SI)
In case you didn’t get enough Greg Smith the first time around, here comes Why I Left Goldman Sachs. (Dealbook)
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