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Quote of the day

TZL, “You are not an investor. You might think that you are, but you are not. And that is a good thing.”  (The Zikomo Letter)

Chart of the day

SPY Chart

SPY data by YCharts

Small and mid-cap stocks are at new all-time highs.  (All Star Charts)


Long-term indicators point towards an overvalued market.  (Above the Market)

The case for further upside.  (Dynamic Hedge)

The fiscal cliff deal ratcheted down the level of risk.  (A Dash of Insight)

Why are implied vols on emerging markets so high?  (Condor Options)


Why even novice traders should consider selling options.  (Bill Luby)

When the market moves in your direction, claim victory.  (Money Game)

In defense of Jim Cramer.  (Joe Fahmy)


Angst runs high about the future of ZipCar ($ZIP) under Avis ($CAR) control.  (Dealbook, HBR, Time, WSJ)

What should we make of the wide-range of analyst opinions on Apple ($AAPL)?  (Businessweek)


Target date funds perform pretty much the same.  (research puzzle pix)

Index changes aside, Vanguard ETF flows are doing just fine.  (IndexUniverse)

Incentives matter for hedge fund managers.  (research puzzle pieces)


Has the US economy become too bubble-dependent?  (Global Macro Monitor)

ADP points towards further jobs gain momentum.  (Capital Spectator, Calculated Risk)

On the trajectory of the American economy.  (Econbrowser)

The manufacturing economy is hanging in there.  (Tim Duy)

What does inflation mean in a services-based, modern economy?  (Slate)

Are we subject to a series of rolling fiscal crises?  (Justin Fox)

Why the US needs it’s own sovereign wealth fund.  (Quartz)

Earlier on Abnormal Returns

Remembering what is important when it comes to investing.  (Abnormal Returns)

Mixed media

The iPad Mini is still the true iPad.  (SplatF)

Apple killed the netbook, and that is a good thing.  (Slate)

Google ($GOOG) really wants you to use Google+.  (WSJ)

David Holmes, “We only pay for what we can’t get for free.”  (Pando Daily also Felix Salmon)

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