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Quote of the day
Ali Meshkati, “The constant monitoring and obsessive reasoning behind moves in a portfolio will never allow you as an investor to allow your profits to run.” (Zenpenny)
Chart of the day
REITS look rich. (WSJ)
Markets
Here we go: let the silly season of forecasts and listicles begin. (The Reformed Broker)
Checking in on some interesting market charts. (Global Macro Monitor)
Defining risk vs. uncertainty. (Big Picture)
How fears of the fiscal cliff has changed the distribution of dividend payments. (Political Calculations)
Investors are selling this year’s winners to lock in capital gains. (Bespoke)
Hedge funds
Hedge funds are moving away from equities. (FT, Pragmatic Capitalism)
Hedge fund costs are on the rise. (FINalternatives)
Strategy
13 insights from Paul Tudor Jones. (Ivanhoff Capital)
Bunting’s 12 laws of investing. (Big Picture)
13 views on 2013 returns from Richard Bernstein. (Pragmatic Capitalism)
Three lessons a star manager can teach us about improvement. (SMB Training)
Two great managers talk about the state of the distressed debt market. (Distressed Debt Investing)
Research
How information supply and demand affects stock returns. (Turnkey Analyst)
Why aren’t low vol strategies more popular? (Falkenblog)
Why mechanical strategies tend to outperform discretionary ones. (Globe and Mail)
Apple
Why Apple ($AAPL) onshoring Mac production IS a big deal. (Daniel Gross)
Why Apple’s stock is in turmoil. (QFinance)
The real threat to Apple, longer term. (YCharts Blog)
Companies
Another example of why Amazon ($AMZN) is awesome at customer service. (SAI)
Ingersoll-Rand ($IR) is taking steps to appease activist Nelson Peltz. (Dealbook)
Add Google ($GOOG) to the list of companies taking advantage of tax havens to shelter income. (Bloomberg)
Are the rebounds in Pfizer ($PFE) and Eli Lilly ($LLY) sustainable? (YCharts Blog)
Is Big Oil, like ExxonMobil ($XOM), too big for its own good? (FT)
Finance
Wall Street’s five worst (big) trades of 2012. (Quartz)
Fidelity is getting into the active ETF game. (Bloomberg)
Global
Markets are not pining for the return of the Berlusconi regime. (Quartz, FT Alphaville, MarketBeat)
The global economy is at an important turning point. (Gavyn Davies)
Japan is once again in recession. (FT Alphaville)
Signs of strength in China. (Sober Look)
How far can central banks range beyond inflation? (Bloomberg)
Housing
Why mortgage rates should be lower, but aren’t. (The Basis Point)
Mortgage equity withdrawal is strongly negative. (Calculated Risk)
Why Millenials won’t save the housing market. (The Reformed Broker)
Mixed media
Favorite books of 2012 including The Hour Between Dog and Wolf: Risk Taking, Gut Feelings and the Biology of Boom and Bust by John Coates. (Kirk Report)
According to reports Bloomberg is circling the Financial Times (or LinkedIn). (NYTimes, Felix Salmon)
Why do TV writers hate entrepreneurs? (Slate)
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