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Quote of the day

Burton Malkiel, “You can’t control what markets can do, but you can control the costs you pay. The less you pay to the purveyors of investment services, the more there will be for you.”  (WSJ)

Chart of the day

XLF Total Return Price data by YCharts

Financial stocks are leading the market higher.  (Risk Reversal)

Markets

What is behind the pull back in low vol ETFs?  (IndexUniverse, Focus on Funds)

There is no single measure of market sentiment.  (Phil Pearlman, Bespoke)

Why the rate of change in interest rate matters.  (Aleph Blog)

Strategy

Focus on what you control, ignore what you cannot.  (Big Picture)

Markets can’t help themselves when it comes to finding something to gamble on.  (Felix Salmon)

Companies

Warren Buffett goes bargain shopping in the utilities sector.  (Bespoke, Dealbook)

Elon Musk got much better deal from Tesla ($TSLA) than Uncle Sam did.  (Slate)

Why Apple ($AAPL) isn’t doing big deals.  (Asymco)

Buybacks

Buybacks are the new R&D.  (The Reformed Broker)

Why CEOs love buybacks versus dividends or capex.  (Reuters)

Finance

What exactly happened during the botched Facebook IPO?  (Dealbreaker)

Pension funds are bringing investment management in-house.  (Institutional Investor)

Distressed debt investors are targeting Europe.  (FT)

Funds

Fidelity’s ETF plans are becoming more clear.  (IndexUniverse)

Broad market does not equal total market.  (Rick Ferri)

Mutual funds are disappearing at an increasingly rapid rate.  (Forbes)

Global

How did the Philippines become a growth powerhouse? (Quartz)

Andy Hall thinks it is time to temper our expectations for the shale gas revolution.  (FT)

Economy

Initial jobless claims seems to have flattened out.  (Capital Spectator)

Is GDP really capturing what is going on in the economy?  (Real Time Economics)

This is not a housing bubble.  (Bonddad Blog)

Look to September for a Fed policy change.  (Tim Duy)

Mixed media

CNBC’s ratings hit a level not seen since April 2005.  (Talking Biz News)

Why is Netflix ($NFLX) encouraging binge watching?  (Atlantic Wire)

How is Quartz doing?  (Digiday via mediagazer)

The job of the social media editor is now dead.  (Buzzfeed)

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