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Quote of the day
Andy Kessler, “Who wouldn’t want 7.5%-8% returns these days? Ten-year U.S. Treasury bonds are paying 1.74%. There is almost zero probability that Calpers will earn 7.5% on its $255 billion anytime soon.” (WSJ)
Chart of the day

The corn market is pricing in a record crop. (WSJ)
Markets
Goldman Sachs goes negative on gold. (FT Alphaville, Quartz)
The high yield bond market is running out of a “margin for error.” (research puzzle pix)
What can we really expect return-wise for the S&P 500 over the next decade? (Mark Hulbert)
Debunking the bond bubble talk. (Term Sheet)
Strategy
Momentum is a better portfolio partner for value than growth. (Morningstar)
Don’t get hung up putting a label on markets. (Joe Fahmy)
A review of Gray and Carlisle’s Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors . (Inside Investing)
Finance
Are markets rigged? (Points and Figures)
Volume in the corporate debt market is moribund. (FT)
Why are Fannie and Freddie still around? (Dealbook)
On the steady decline in hedge fund returns. (HFI)
Bitcoin
A new “exchange” to trade Bitcoin. (TechCrunch)
Bitcoin as tulip bulb. (Vanity Fair)
ETFs
Is your investment manager too clever by half? (Amazon Money & Markets)
Now neuroscientists are pitching mutual funds. (Scientific American)
The WisdomTree Japan Hedged Equity ETF ($DXJ) is getting a small cap cousin. (InvestmentNews)
Global
Why has Canada avoided bank crises? (Real Time Economics)
On the myth of the (Japanese) bond vigilantes. (Credit Writedowns)
Why Cyprus must leave the Euro. (Felix Salmon)
Economy
Good news. People are quitting their jobs at a faster pace. (Real Time Economics)
Estimates of US gas reserves get bumped up. (WSJ)
Earlier on Abnormal Returns
Choosing simplicity as a default investment strategy. (Abnormal Returns)
Mixed media
Tom Cochran, “To me, email is “the most abused method of communication in every office environment. (HBR)
Evidence that it is now possible to keep a liver viable outside the human body. (Slate)
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