Quote of the day

John Gapper, “It may give Mr Lipton apoplexy, but there is no harm in investors challenging executives and a board of directors if they are hoarding cash from caution or laziness.”  (FT)

Chart of the day


Is this as good as it gets liquidity-wise?  (The Short Side of Long)


Why rising home prices are more important than the stock market for the economy.  (The Reformed Broker)

Lower profit margins need not imply lower profits.  (Dumb Money)

S&P 500 operating EPS estimates are overoptimistic.  (Greenbackd)


On the importance of taking yourself out of the loop.  (Pragmatic Capitalism)

How you know when you are truly a trader.  (Brian Lund)

On the risks of a risk parity strategy.  (Turnkey Analyst)

Hedge funds

Do hedge fund of funds add value?  (Turnkey Analyst)

How financial incentives change for hedge funds over time.  (aiCIO)

Why most money managers don’t use Twitter.  (Chuck Jaffe)


A sign of the times: the CME ($CME) is looking to offload trading real estate.  (WSJ)

There’s not a lot of downside when bank execs go into government.  (Dealbook)

What would a TBTF ETF look like?  (Big Picture also Bespoke)

Real estate

Once again the US housing recovery is on track.  (Quartz)

Homebuilders have been left flatfooted in the face of rising demand.  (NYTimes)

Check out the growth in mortgage REITs.  (FT Alphaville)

Don’t look now but real estate investing is going the crowdfunding route.  (Pando DailyThe Verge)


How did Cyprus become this important?  (Bonddad Blog)

China PMIs: back to bullish.  (FT Alphaville)

On the declining risk of emerging market bonds over time.  (iShares Blog)


Weekly initial unemployment claims continue to point towards a better labor market.  (Calculated Risk)

Fed policy is likely on hold “for a long time.”  (Tim Duy)

Five takeaways from the FOMC announcement.  (Real Time Economics)

Earlier on Abnormal Returns

Focus on Norway, not Cyprus.  (Abnormal Returns)

Mixed media

How YouTube has evolved into a billion user beast.  (Pando Daily)

LED light bulbs are becoming increasingly affordable.  (NYTimes)

Why you should wear red in your dating profile.  (Slate)

Bezos Expeditions recovers Apollo rocket engines from the Atlantic Ocean.  (Wired)

Thanks for checking in with Abnormal Returns. You can follow us on StockTwits and Twitter.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.