Quote of the day

Floyd Norris, “The great bear market in bonds, both corporates and governments, lasted 35 years, from 1946 to 1981. The bull market lasted about 30 years. A new bear market almost certainly has begun.”  (NYTimes)

Chart of the day

FXY Chart

FXY data by YCharts

Is a turn in the Yen finally here?  (TheArmoTrader)


Fiscal cliff negotiations provide investors with volatility (and opportunities).  (A Dash of Insight)

Correlation is the new VIX.  (WSJ)


The six biggest investing lessons from 2012.  (The Reformed Broker)

A look at the illiquidity premium on a worldwide basis.  (SSRN via CXOAG)


Shorting multi-level marketers is a tough game.  (Bronte Capital)

A graphical look at the “four horsemen” of the Internet.  (research puzzle pix)

Beware companies like Hewlett-Packard ($HPQ) that claim an acquisition will reboot the company.  (Reuters)

Facebook ($FB) has an innovation problem.  (Slate)

Starz Entertainment is being spun out from Liberty Media ($LMCA) amidst a scad of uncertainty.  (Money & Co.)


Is Apple the new Polaroid?  (The Brooklyn Investor)

The valuation case for Apple ($AAPL) at $500 a share.  (Musings on Markets)


High frequency traders are relying on their lobbyists to keep the regulatory coast clear.  (WSJ)

As global mandates proliferate so does demand for currency hedgers.  (Institutional Investor)

The line between cash and derivatives trading is blurring.  (Dealbook)

Is high frequency trading hurting the little guy?  (Adam Warner)

2012 was NOT the year of the IPO.  (Bloomberg contra Ivanhoff Capital)


Is the economy headed for a future that looks more like Star Wars or Star Trek?  (FT Alphaville also Marginal Revolution, TRB)

Ten questions (and answers) about the economy in 2013.  (Pragmatic Capitalism)

Rail traffic is doing just fine.  (Pragmatic Capitalism, ValuePlays)

Earlier on Abnormal Returns

Curating your financial life.  (Abnormal Returns)

Mixed media

Smart TVs are dumb.  (Wired, ibid)

Same-day delivery is becoming a thing.  (NYTimes)

The “hydration clinic” will now see you.  (Crain’s Chicago via @pointsnfigures)

Why winter is flu season.  (Scientific American)

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