Quote of the day

Luke Johnson, “As savvy entrepreneurs know, there is a world of difference between accounting profits and cash profits. Cash flow matters much more than almost anything in a company.”  (FT)

Chart of the day

Patent policy on the back of a napkin.  (Marginal Revolution)

Markets

The opportunity in Build America Bonds in light of the fiscal cliff.  (Barron’s)

The breakdown in corn.  (Adam Grimes)

The ABCs of MLPs.  (Minyanville)

Strategy

Now is the time for a stock replacement strategy.  (Barron’s)

What constitutes an alternative asset class anyway?  (Nerd’s Eye View)

You can never learn enough on your own to become a great investor.  (The Psy-Fi Blog)

Companies

Anatomy of a rumor: David Einhorn and Lululemon ($LULU).  (Kid Dynamite)

Microsoft ($MSFT) keeps boosting its dividend.  (MarketBeat)

Yahoo! ($YHOO) is going to return a big chunk of the Alibaba sale to shareholders. What next?  (WSJ, Eric Jackson)

Finance

Harvard Management Company is looking to natural resources to boost its returns.  (Bloomberg)

Everybody is trying to buy distressed European commercial real estate debt.  (NYTimes)

Jack Bogle

Why money managers should become something more than passive shareholders.  (FT)

When did investing become so speculative?  (Curious Capitalist)

Funds

A look at the (very long term) game one vocal fund manager is playing.  (research puzzle pix)

Why you should avoid trading ETFs in the first five minutes of trading.  (allETF)

Economy

Checking in on recent data on the housing recovery.  (Calculated Risk, Capital Spectator, CBP)

Quantitative easing has a fatal flaw.  (Pragmatic Capitalism)

Meat markets

Steak dinners as an economic indicator.  (Bloomberg)

Five Guys tops a new survey of favorite burger chains.  (Money & Co.)

Earlier on Abnormal Returns

The limits of direct experience in an investor’s education.  (Abnormal Returns)

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

Mixed media

Reviewers (generally) love the iPhone 5.  (WSJ, Daring Fireball, Pogue, Apple 2.0)

What is the deal with the crappy maps in iOS 6?  (Anil Dash via DF)

Everybody hates the new Twitter iPad app.  (Xconomy)

Analog tweetsAlton Brown bucks the system.  (Wired)

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