Quote of the day

Gatis Roze, “Don’t blame your losses on bad luck or outside manipulators.  Accept the responsibility yourself.”  (StockCharts Blog)

Chart of the day

Retail traders are just not all that interested in trading. (SentimenTrader via All Star Charts)

Markets

Why you shouldn’t get your hopes up for big equity returns over the next ten years.  (Mark Hulbert)

Is the reflation trade over already?  (FT Alphaville)

Is gold cheap or expensive?  (Big Picture)

Stocks and commodities are still trading pretty much in line with each other.  (StockCharts Blog)

Frontier markets are in many ways looking better than their bigger brethren.  (Businessweek)

Strategy

Do individual investors learn over time?  (CXO Advisory Group)

What is your motivation for trading?  (SMB Training)

Is putting 50% of your portfolio in MLPs a good idea?  (Random Roger)

Is math a foundation or an edge?  (Above the Market, The Reformed Broker)

Is now the time to be rushing into risk parity strategies?  (FT)

Why analysts need to make sure they are not selecting asset classes for inclusion in tests that are obvious only in hindsight.  (Portfolio Probe)

Ray Dalio

Ray Dalio’s biggest worry.  (market folly)

The downside of success for hedge fund big shots.  (The Reformed Broker)

Apple

A sneak peek at Apple’s ($AAPL) Q4 earnings.  (Asymco)

Apple’s Achilles heel exposed: services.  (GigaOM)

Finance

Is today’s lending out of the ordinary?  (Dealbreaker)

Hard learned lessons from the Facebook ($FB) IPO.  (Dan Primack)

Are dual-class shareholders second class citizens?  (Minyanville)

Yet another reason why short-selling is difficult: litigious corporate managements.  (Reuters)

Why is the Fed worried about high frequency trading?  (NetNet also QFinance)

Bonds

How the composition of the aggregate bond index has changed over time.  (iShares Blog)

Bill Gross is loading up on muni bonds.  (Learn Bonds)

Economy

Is 2.25% inflation enough?  (Free exchange)

An obvious policy idea, immigration reform, remains bottled up in Congress.  (The Atlantic, Marginal Revolution)

Rail traffic continues to expand albeit slowly.  (Value Plays, Pragmatic Capitalism)

Earlier on Abnormal Returns

Cheap ETFs provide an (almost) free lunch. (Abnormal Returns)

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

Mixed media

Incumbents don’t like it when disruptive services like Uber enter their space.  (Curious Capitalist)

How not to choke under pressure.  (kottke)

More reasons to drink tea.  (The Atlantic)

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