Quote of the day
Michael Santoli, “Such a wounded and wary populace becomes a ready customer cohort for products and strategies that promise not runaway riches but avoidance of losses.” (The Exchange)
Chart of the day

The bull case for Chinese stocks. (Also Sprach Analyst)
Markets
A look at all of the 5% corrections in this bull market. (Bespoke)
Investors are betting on credit as much as they are continued low rates. (Big Picture)
Three disappointing facts about the earnings season. (Term Sheet)
The divergence between stocks and oil is notable. (Crossing Wall Street)
Today’s mortgage market has “low rates” and “tight guidelines.” (The Basis Point)
A comprehensive recap of the Warren Buffett CNBC interview. (The Brooklyn Investor)
Companies
Reflexivity alert: why Wynn Resorts ($WYNN) is raising its dividend. (Covestor Blog, Kid Dynamite)
Somebody knew something. A surge in the put/call ratio presaged a drop in New York Times ($NYT). (Crossing Wall Street)
Cloud computing is only as good as its weakest link. (Daniel Gross)
Disruptive companies can be described as “regulatory hacks.” (GigaOM)
If 80 CEOs agree on something you can pretty safely ignore it. (Felix Salmon)
Apple
Why everyone continues to be fascinated with Apple ($AAPL). (Howard Lindzon)
Julian Robertson likes Apple and hates the steel stocks. (Market Folly)
Why do investor prefer Amazon ($AMZN) to Apple? (Breakingviews)
Finance
Under what conditions do golden parachutes make sense for shareholders. (Dealbook, Dealbreaker)
Macro funds are lagging this year, except those who have dipped into the emerging markets. (FT)
The insurance industry has a big problem: a yield problem. (FT)
Crowdfunding stands to be a sticky issue for broker-dealers. (InvestmentNews)
ETFs
Blackrock ($BLK) is getting into the target maturity ETF business. (InvestmentNews, Focus on Funds)
Emerging market debt ETFs have moved into the mainstream. (IndexUniverse)
Global
Japan has its own version of the fiscal cliff to deal with. (FT Alphaville)
The UK has reluctantly come out of recession. (Quartz, The Source, Gavyn Davies)
Economy
Weekly initial unemployment claims remain in a range. (Calculated Risk)
The scariest data at the moment is weak manufacturing data. (Tim Duy)
The Chicago Fed National Activity Index improved in September. (Calculated Risk)
To encourage risk taking we should lower the cost of failure. (Bloomberg)
Earlier on Abnormal Returns
The Abnormal Returns book deserves “wide readership.” (Canadian Couch Potato)
The maturation of target-date bond ETFs. (Abnormal Returns)
What you missed in our Thursday morning linkfest. (Abnormal Returns)
Financial planning
Our financial lives take place with a broader context then we commonly acknowledge. (Above the Market)
Financial planning lessons from Bobby Knight. (Forbes)
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