Quote of the day

TZL, “You are born naturally short shelter. Your house is not an asset. It is a hedge.”  (Zikomo Letter)

Chart of the day

The transports are breaking out.  (Bespoke)


Investors still don’t believe the financial crisis is in the rear view mirror.  (WSJ also In Pursuit of Value, The Reformed Broker)

Is the VIX telling us anything at all?  (Pragmatic Capitalism)

Should we worried about the surge in Pink Sheet volume?  (Big Picture)

2012 was a bad year for IPO performance.  (Bespoke)

Greek stocks are still cheap.  (Barron’s)

What would it take to put a big dent in S&P 500 earnings?  (ETF Replay also Crossing Wall Street)


Another spin on risk parity portfolio construction.  (FINalternatives)

Should you secular market time?  (Rick Ferri)

Beware the guy who claims to have crushed the stock market.  (Bucks Blog)

William Berstein has a new book on correlations, Skating Where the Puck Was: The Correlation Game in a Flat World.  (Bogleheads via @pkedrosky)


Capital intensity is the new norm for Apple ($AAPL).  (Asymco)

Will Apple’s move spark a manufacturing renaissance?  (HBR)

Just how many users does Facebook ($FB) really have?  (Huffington Post)

The case for JC Penney ($JCP) stock.  (Vitaliy Katsenelson)


When Rule 10b5-1 trades cross the line.  (Dealbook)

Can we now call the AIG ($AIG) bailout a success?  (Baseline Scenario, Term Sheet, Deal Journal)


Charles Schwab ($SCHW) is reportedly looking at adding more commision-free ETFs.  (InvestmentNews)

The year of the ‘Vanguard effect.’  (Businessweek)

The ten most overlooked ETFs.  (IndexUniverse)

ETPs have grown assets over the past 10 years at a 30% annualized rate.  (AlphaNow)

Comparing muni bond ETFs.  (IndexUniverse)

Is Vanguard’s new index for the Vanguard Emerging Market ETF ($VWO) going to spark outflows?  (WSJ)


Via quantitative easing do we really want to force bond investors into the stock market?  (Term Sheet)

Are consumers vulnerable?  (Tim Duy)

Small businesses are freaked out by the fiscal cliff.  (Wonkblog)

Why many Millenials want no part of the housing market.  (The Reformed Broker)

Earlier on Abnormal Returns

Is the stock market really ‘rigged‘?  (Marketwatch)


Michael Martin talks with Adam Grimes author of The Art and Science of Technical Analysis.  (MartinKronicle)

 Zack Miller talks with investment adviser Bonnie Foley-Wong.  (Tradestreaming)

An interview with Jack Bogle author The Clash of Cultures: Investment vs. Speculation on the overabundance of speculation.  (Big Picture also Sober Look)

Mixed media

What Bloomberg could do with the Financial Times.  (Daily Intel also Dan Primack)

Why we don’t have tablet-native journalism.  (Felix Salmon)

The @ModernSeinfeld stream is brilliant.  (Atlantic Wire)

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