This is an early and less than complete edition of the linkfest. We will catch up tomorrow.

Quote of the day

Felix Salmon, “Apple is trading at an astonishingly low valuation, with a p/e ratio in single digits, because it has now become that animal investors like least: a slow-growing tech stock.”  (Reuters)

Chart of the day

PG Chart

PG data by YCharts

The Fab Five continue to lead the market higher.  (Doug Kass)


Traders are fleeing inverse ETFs.  (Focus on Funds)

The stock market has run out of earnings fuel.  (Mark Hulbert)

Check out the crazy run(s) in Netflix ($NFLX) stock.  (Bespoke)


Copper is a hot mess.  (Bonddad Blog)

The silver/gold ratio continues to plunge.  (StockCharts Blog)

How much more room does the lumber rally have to run?  (Globe and Mail)


REAL returns matter.  (Mebane Faber Research)

On the danger of stop orders. (A Dash of Insight)

Josh Brown, “The fancier the math one uses to justify an entrenched investment opinion, the more obscure and arcane the indicators employed, the more desperate and wrong that person is”  (The Reformed Broker)

On the parallels between investing and the NFL draft.  (Above the Market)


The problem with most 529 plans is high fees.  (Morningstar)

The problem with most 401(k) plans is high fees.  (Frontline)

Apple ($AAPL)

Apple’s slowing growth in graphs.  (SplatF)

Apple is planning big new share repurchases and a higher dividend.  (MoneyBeat, YCharts, Bespoke)

Despite a huge cash hoard, Apple is going to borrow to help fund its outflows. Why?  (Pando Daily, Quartz)

Apple fans can take the Summer off.  (Mashable, SAI)

Why Apple hasn’t shipped a phablet.  (AllThingsD)

Tweet crash

The implications of the AP fake tweet flash crash.  (The Reformed Broker, The Minimalist Trader, , Trader Habits)

Why are we surprised? Markets have been manipulated from the start.  (Phil Pearlman also Points and Figures)

Learn to live with our increasingly interconnected social graph.  (Howard Lindzon also FT Alphaville)


The mess that is the Dell ($DELL) auction process.  (Dealbook)

Blackrock ($BLK) is once again trying to centralize corporate bond trading.  (FT)

CLOs are bouncing back in a big way.  (Term Sheet)


Now target date fund investors have to worry about a bond swoon.  (WSJ)

The Guggenheim S&P 500 Equal Weight ETF ($RSP) has crushed its cap-weighted cousin over the past decade.  (IndexUniverse)


The shale gas revolution will not be cheaply or easily replicated overseas.  (FT)

The Australian central bank is going to invest in Chinese government debt.  (FT)


A not-so-hot durable goods number for March.  (Bloomberg)

12 signs the economy is weaker than we think.  (Pragmatic Capitalism)

It could take ten years for the Fed’s balance sheet to normalize.  (Real Time Economics)

The upside of an Internet sales tax.  (Daniel Gross)

Trucking improved in March.  (Calculated Risk)

Mixed media

Should Bloomberg fear Twitter?  (Fortune)

Twitter is working on two-stage authentication.  (Wired)

How social media enhanced the stress of the Boston manhunt.  (New Scientist)

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