Quote of the day
Brian Lund, “The worst thing that can happen to any new participant in the market is for them to make a shitload of money on their first trade.” (bclund)
Chart of the day

Looking for a laggard? Check out Brazil. (All Star Charts)
Markets
If you sell stocks where are you going to park the proceeds? (The Reformed Broker)
Low real interest rates have historically led to poor equity returns. (Buttonwood)
Stocks for the long run does not always work out. (Long Short)
Bonds
The corporate credit markets are in some unexplored territory. (Money Game)
Jack Ablin, “Corporate bond investors are mathematically challenged by low interest rates.” (FT)
Has the junk bond market finally turned? (Barron’s)
One of these days value will return to the distressed debt market. (Distressed Debt Investing)
Strategy
Some notes from the Columbia Investment Management Conference. (Market Folly)
Where do the returns from low vol come from? (Falkenblog)
Companies
Why analyzing Apple ($AAPL) is so difficult. (Vitaliy Katsenelson)
Public investors won’t have Dell ($DELL) to kick around any more. (Dealbook, Term Sheet, Quartz)
What now for Dell? (SAI, Felix Salmon)
Why Facebook ($FB) is overvalued. (Fortune)
A deep dive into Herbalife ($HLF) sales. (Dealbook)
Finance
Should S&P be on the hook for the financial crisis? (Kid Dynamite, Dealbreaker)
Why you should be suspicious of management-led buyouts. (Dealbook)
Did decimalization kill the small cap sector? (NetNet)
$1 billion startups are no longer an anomaly. (NYTimes)
Russia hires Goldman Sachs ($GS) to boost its image. (Bloomberg)
Hedge funds
Investors are fed up with anemic hedge fund returns. (II Alpha)
Bridgewater Associates is launching a new fund. (WSJ)
A periodic table of hedge fund returns. (aiCIO)
Funds
Money market fund managers have too much cash and too few places to invest. (WSJ)
Is there a Morningstar Fund Manager of the Year curse? (Morningstar)
Fidelity’s target date funds are not all that. (NYTimes)
A look at ETF securities lending math. (IndexUniverse)
Investors can’t get enough leveraged loan funds. (Income Investing)
Economy
The ISM non-manufacturing index shows expansion in January. (Calculated Risk, RTE)
This measure of home prices is accelerating. (Calculated Risk, Modeled Behavior)
Average household size is still on the rise. (Quartz)
Mixed media
Why a dose of narcissism can be useful. (Scientific American)
Ten things Apple should include in iOS 7. (Paste)
On the dangers of Netflix binging. (Atlantic Wire)
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