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Quote of the day

Josh Brown, “To me, The Why is not worth debating. Focusing on market action and fundamentals is probably a better bet right now than seeking explanations. The What is the thing, The Why will only matter to the textbook writers years from now.” (The Reformed Broker)

Chart of the day

Don’t tell the utilities sector that the fiscal cliff doesn’t matter.  (StockCharts Blog)

Markets

Another big investor, the Caisse de dépôt et placement du Québec, says the ‘bond party’ is over.  (FT)

Consumer confidence as a contrary indicator.  (Mark Hulbert)

China continues to underperform the rest of Asia.  (Bespoke)

Strategy

Outsourcing your asset allocation to hedge fund managers.  (AlphaClone)

Finding the right level of diversification is no easy task.  (Above the Market)

Your watch list is too long.  (Brian Lund)

Companies

Apple ($AAPL) really is bad at web services.  (Eric Jackson)

What’s next for Apple (long takes)?  (SAI, Apple 2.0)

Oracle ($ORCL) wants no part of Hewlett-Packard ($HPQ) for now.  (Pando Daily)

What’s Amazon ($AMZN) going to do with its ‘free money’?  (Fortune, research puzzle pix)

When it pays to wait: Ralcorp ($RAH) finally acquiesces to a buyout.  (WSJ, Dealbook)

The special dividend theme continues with Costco ($COST).  (FT, UpsideTrader, Quartz)

Finance

Declining trading volume and the death of “stock-picking as upper-middle-class hobby.”  (Felix Salmon)

What would a Getco takeover of Knight Capital ($KCG) mean for the markets?  (Kid Dynamite, Bloomberg)

The impact of size and fund age on hedge fund performance.  (Market Folly)

Currency trading is becoming less profitable for the big banks.  (WSJ)

CEOs

Tracking the trades of corporate execs is becoming more complicated.  (WSJ also Felix Salmon)

The emphasis on shareholder value has gotten CEOs to take their eye off the long term.  (Economist)

CEOs are spending more time talking to investors and analysts: time wasted?  (WSJ)

ETFs

The top ETF launches of 2012.  (IndexUniverse)

The year of the ETF closure.  (Morningstar)

The Canadian ETF industry is growing by leaps and bounds.  (FT)

Global

The Greek debt deal may actually add up to something.  (Gavyn Davies)

Economy

Consumer deleveraging continues apace.  (Calculated Risk)

Why ‘free money‘ will be around for some time to come.  (Michael Santoli)

How QE has affected Treasury debt management.  (Real Time Economics)

About that hyperinflation you were predicting…. (Pragmatic Capitalism)

Why are regulators bothering with Intrade?  (Rajiv Sethi)

Earlier on Abnormal Returns

Luck, skill and the dangers of focusing on past performance.  (Abnormal Returns)

Mixed media

Are the odds finally in your favor to play Powerball?  (Quartz, Business Insider)

Three steps required of Mastery.  (Speakeasy)

Holiday tips from a behavioral economist.  (Bloomberg)

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