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Quote of the day
Barry Ritholtz, “All trades eventually end. The question I have for you is “Do you want your portfolio to end with them?”” (Big Picture)
Chart of the day

Skeptics aside, Microsoft ($MSFT) is ripping higher. (MoneyBeat)
Markets
How much longer can defensive stocks lead? (Afraid to Trade)
Americans are still very fearful of stocks. (Chuck Jaffe also Bespoke)
Stock correlations are on the rise. (MoneyBeat)
The horror show that is the $VXX. (MarketSci Blog)
Silver is not following gold’s bounce. (Humble Student also Crossing Wall Street)
Why didn’t the gold lease rate spike? (Charts etc.)
Strategy
Investment choice is a two-edged sword. (Above the Market)
Do stock trading contests fetishize risk? (Globe and Mail)
Companies
On the parallels between Apple ($AAPL) and the Fed. (Reuters)
The iPad IS Apple’s next big thing. (Slate)
Apple is the new Microsoft ($MSFT). (Quartz)
On the huge gap between Amazon and Apple’s valuations. (Dealbook)
Why Amazon ($AMZN) wants to built its own set top box. (BW)
What is Alibaba worth? (Breakingviews)
How Twitter analytics companies reacted to the AP fake tweet. (Reuters, WSJ, MoneyBeat, Fast Company)
Companies are still (slowly) embracing Twitter as a disclosure tool. (WSJ)
Finance
Fred Wilson, “So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster.” (A VC)
Can the 20% down mortgage become the standard once again? (Dealbook)
Behind the lawsuit against Jon Corzine, former CEO of failed MF Global. (Dealbook)
ETFs
iShares is going low-cost in its approach to active equity ETFs. (IndexUniverse)
Pimco dominates active ETFs. (ETF Trends)
PIMCO is becoming less dependent on Bill Gross. (Bloomberg)
An equal-weighted S&P 500 hasn’t outperformed a midcap ETF. (Focus on Funds)
Global
Periphery yields are still coming down. (Sober Look, WSJ)
Euro junk yields are at all-time lows. (FT)
Why is the Swiss franc falling? (MoneyBeat)
Economy
Weekly initial unemployment claims declined. (Calculated Risk)
Inflation expectations are falling. (Capital Spectator)
Everything you know about the Fed is wrong. (Marketwatch)
One of these days the digital revolution is going to kick education and health care in the pants. (Slate)
About that shortage of STEM graduates. (WashingtonPost contra MR)
Mixed media
LEDs have fundamentally changed the way we think about lighting. (NYTimes, Time)
AV cables and wires may be a thing of the past. (Babbage)
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