Quotes of the day
Joe, “Funny things happen on the way to new highs. Risk is on, there’s a spring in your step, all fear has left the building and everything you buy goes straight up. ” (UpsideTrader)
Howard Lindzon, “The real pressure of this boom is now the fear of missing out. The market will do some silly things in this phase and only the most disciplined will keep their profits when it ends.” (Howard Lindzon)
Chart of the day

EWC Total Return Price data by YCharts
The Canadian stock market is getting left behind. (The Globe and Mail)
Markets
All S&P 500 sectors are overbought. (Bespoke)
The FX carry trade is back. (Falkenblog)
What happens if corporate profit margins mean revert? (The Short Side of Long)
It’s risk on…until further notice. (Charts etc.)
The downside of the BRIC boom. (Bloomberg, NetNet)
Gold
The existential case against gold. (FT Alphaville)
Gold miners are cheap on any basis. (Cassandra Does Tokyo)
Strategy
You need to look at the investment world through “real yield” glasses. (World Beta)
Rebalance periodically, review frequently. (Capital Spectator)
On the importance of process over everything. (Michael Gayed)
The goal of investing is to minimize mistakes. (Above the Market)
Companies
Why are so many companies buying back so many shares at the highs? (Unexpected Returns)
It’s good to be the former-CEO of IBM ($IBM). (footnoted)
Some new book recommendations from Warren Buffett including Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success. (Market Folly)
Apple
Is the Google ($GOOG)-Apple ($AAPL) trade over? (Apple 2.0)
Apple’s technical picture is muddled at best. (All Star Charts)
The Apple in tailspin narrative is strong at the moment. (Daring Fireball)
Apple still does not has broad distribution than Samsung. (Quartz)
Finance
Managed futures funds are experiencing outflows. (II Alpha)
There is a ton of churn amongst hedge fund ranks. (Dealbreaker, FT)
Private equity takes liberties with their mark-to-market valuations. (Term Sheet)
‘Supercharged’ IPOs disaggregate tax assets from the company. (Dealbreaker)
‘Maturity transformation‘ and the rush into bank loan funds. (FT, ibid)
ETFs
After reading the fine print the Fidelity-Blackrock ($BLK) ETF deal isn’t all that hot. (WSJ also Focus on Funds)
The best broad basket commodity ETF. (IndexUniverse)
What happens to ‘smart beta‘ providers when smart beta indices are free? (IndexUniverse)
A closer look at the iShares line of core ETFs. (Morningstar)
Economy
Industrial production popped in February. (Calculated Risk, Capital Spectator)
The effects of household deleveraging on consumer spending. (Bonddad Blog)
Lumber yards are bustling. (LA Times)
Mixed media
A wish-list for the next generation RSS reader. (Pando Daily also GigaOM, Felix Salmon)
Coffee and green tea seem to help prevent strokes. (The Atlantic)
The improbable rise of NPR Music. (WSJ)
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