Quote of the day

Michael Santoli, “The outsized returns from owning spinoffs have been so attractive and consistent over the years that, in theory, they shouldn’t be there.”  (Unexpected Returns)

Chart of the day

The Australian dollar is trading in a tight range.  (The Short Side of Long)

Markets

The stock market is still loving inflation.  (Capital Spectator)

The case for a pullback.  (The Slant)

What would a 1% back up in yields mean for bond investors?  (Businessweek)

Strategy

Why do people hate rising stock prices?  (Pragmatic Capitalism)

Know what you own.  (Kid Dynamite)

At what point should traders throw in the towel?  (The Minimalist Trader)

The Roth IRA opportunity for young adults.  (Vanguard Blog)

Dr. Phil talks with Jim Rogers about his new book Street Smarts: Adventures on the Road and in the Markets.  (Phil Pearlman)

Companies

Another reason why Elon Musk of Tesla ($TSLA) is awesome.  (Jeff Matthews)

Why some Dell ($DELL) employees lost out on the buyout.  (Term Sheet)

Apple

David Einhorn wants Apple ($AAPL) to start engaging in some financial engineering to prop up the stock price.  (Money Game, Deal Journal, Dealbook, Clusterstock)

How much is the Apple ecosystem worth?  (Vitaliy Katsenelson)

Things Apple has not done yet.  (Counternotions)

How is Apple investing its huge cash hoard?  (Zero Hedge)

Finance

Schwab ($SCHW) is boosting the number of commission-free ETFs it offers.  (Focus on Funds, IndexUniverse)

The US is set to issue floating rate notes.  (WSJ)

A new buyout wave would help provide investors with the leveraged loans they demand.  (FT, ibid)

Investors are fleeing commodity-focused hedge funds.  (FT)

Global

The Eurozone is not joining the global currency war.  (Sober Look)

Chinese accounting scandals are not all that complicated.  (Quartz)

Economy

Weekly initial unemployment claims are at a four-year low.  (Calculated Risk, Capital Spectator)

Owning a home is not a great investment.  (Money Game)

Mixed media

Why no one is willing to pay for online content.  (MediaFile)

Well-being seems to increase over lifetimes and generations.  (The Atlantic)

If bacteria can live under Antarctic ice then where can’t it live?  (NYTimes)

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