Quote of the day
Eric Crittenden, “On a dollar weighted basis hedge funds are a database-driven marketing gimmick.” (Mebane Faber Research)
Chart of the day

The transports are confirming the most recent upward move. (FT)
Markets
The S&P 500 is still 24% below its inflation-adjusted all-time high. (Mark Hulbert)
The US market is once again the envy of the world. (Money Game)
The two-pronged case for expensive equities. (Fortune)
Consumer stocks are stretched. (Crossing Wall Street, All Star Charts)
Junk bond yields are now below 5%. (FT also MoneyBeat)
Strategy
Why we need to train ourselves to look at our portfolios as a whole. (Capital Spectator)
What if the Internet is just getting rolling? (Howard Lindzon)
So you want to trade for a living? (bclund)
Autos
Ford ($F) is gaining share in the hybrid market. (The Daily Beast)
Pickup trucks are back! (Fortune)
Google ($GOOG)
The iPhone is now THE Google Phone. (Pando Daily)
Opposition is building to Google Glass. (NYTimes)
A statistical analysis of Google’s products. (Ars Techncia)
Berkshire Hathaway ($BRKB)
Can a sprawling conglomerate like Berkshire survive its founders? (Dealbook)
Why does Warren Buffett still have haters? (The Reformed Broker)
Everybody talks their book, even Warren and Charlie. (Points and Figures)
Finance
The IPO calendar is filling up. (MoneyBeat)
Not all ETFs can be traded the same way. (IndexUniverse)
Global
The best start to the Japanese stock market, ever. (Bespoke)
The RBA surprised everyone by cutting rates. (FT Alphaville, Quartz)
Welcome Portugal back to the capital markets. (MoneyBeat)
Time to buy Italy? (IndexUniverse)
Welcome to the post-BRIC world. (Free exchange)
Economy
High levels of home ownership can kill the job market. (Wonkblog)
Why Economics PhDs are worth the effort. (Noahpinion)
Earlier on Abnormal Returns
On the dangers of micromanaging your asset allocation. (Abnormal Returns)
Mixed media
America now has more breweries than any time since the 1880s. (Bloomberg)
The top financial tweeters to follow. (eFinancialNews, ibid)
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