Quote of the day
Ali Meshkati, “There is no need to be 100% involved in the markets year round. Profits find those who are patient and diligent in their actions.” (Zenpenny via @chicagosean)
Chart of the day
It has been a big year for private equity stocks. (Term Sheet)
Strategy
Howard Marks, “Yields are at historic lows and prices are unusually high across all the fixed income spectrum.” (Oaktree Capital)
Three principles of the dedicated contrarian. (Trader Habits)
Traders are a unique breed. (StockCharts Blog)
Keep an eye on Friday earnings announcements. (Turnkey Analyst)
Apple
33% of Apple’s ($AAPL) market cap is cash. (Bespoke)
David Einhorn vs. Apple management: the cash question. (Dealbook, Clusterstock)
Is iOS the new Windows XP? (ReadWrite)
Google
It looks like we should take the Google Chromebook seriously. (SAI, The Verge, Quartz, AllThingsD)
What it will take to get self-driving cars on the road. (Pando Daily)
How Google revamped voice recognition on Android. (Wired)
Finance
Europe is hellbent on a Tobin (trading) tax. (NYTimes)
The CFTC sues the CME ($CME). Why it matters. (WSJ, Points and Figures, Dealbreaker)
When to sell your company. (Medium)
Funds
A look at a most unusual bond fund. (research puzzle pix)
Don’t expect secondary offerings from the Sprott gold and silver funds any time soon. (Kid Dynamite)
When a 401(k) filled with index funds isn’t all that cheap. (Felix Salmon)
Global
Discussions around currencies are frustrating because there is no common measure of under/overvalutaion. (WSJ)
A note of caution for the China bulls. (FT Alphaville also China RT)
European growth is unambiguously weak. (Bonddad Blog)
Immigration to Germany has once again spiked. (Quartz)
A positive review for Michael Pettis’ The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy. (Aleph Blog)
Economy
January economic reports are coming in OK. (Capital Spectator)
Higher gasoline prices and higher payroll taxes are a one-two consumer punch. (WSJ, ibid)
Rail traffic continues to expand. (Pragmatic Capitalism)
Who wins as American factories automate? (Quartz)
Housing
Don’t look now but Phoenix’s housing market is rolling again. (Businessweek)
On the dynamics of lumber prices. (Calculated Risk)
Mixed media
CNBC buys rights to the Nightly Business Report. (Media Decoder)
A quant’s guide to the Oscars. (Atlantic Wire, FiveThirtyEight)
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