Quote of the day
Morgan Housel, “Good investors read a tremendous amount of information, of course. They’re just more selective with what they read and pay attention to.” (Motley Fool)
Chart of the day

Preferred stocks don’t like the jump in interest rates. (Bespoke also Horan Capital)
Markets
Checking in on the health of the cyclical bull market. (Big Picture)
Global market correlations are dropping. (WSJ)
Volatility is back. (Points and Figures)
On the “violent and extreme” drop in emerging market assets. (FT)
Bonds
Do old-timers know how to manage in a bond bear market? (Felix Salmon)
Would a 4% 10-year Treasury yield be a disaster for markets? (Bloomberg)
On the end of the generational bond bull market. (Dealbook)
High yield bond spreads are finally ticking up. (Learn Bonds)
Muni bonds
July is a historically good month for muni bonds. (Bloomberg)
How to buy muni bonds. (Total Return)
Target date bond ETFs are receiving inflows in light of fears about higher rates. (FT)
Strategy
On the myth of the “American retirement crisis.” (Rekenthaler Report)
Data consumers should check out Keeping Up with the Quants: Your Guide to Understanding and Using Analytics by Davenport and Kim. (Reading the Markets)
Companies
Why isn’t Booz Allen Hamilton ($BAH) stock down more? (Daniel Gross also Term Sheet)
Why Pandora ($P) bought a terrestrial radio station. (The Hill)
Finance
It’s now the forex market’s turn to experience a pricing scandal. (Bloomberg, Dealbreaker)
Quantitative hedge funds are taking it on the chin. (FT)
ETFs
More than $100 billion has flowed into ETPs year-to-date. (FT)
Here they come: non-transparent, actively managed ETFs. (IndexUniverse)
Emerging markets+high yield=bad combination. (ETF Trends)
Global
Will Abenomics work? (SurlyTrader)
Runaway inflation is a distant worry at present. (Martin Wolf)
Tracking the carry trade as a measure of investor risk aversion. (VIX and More)
Greece is once again an emerging market. (Quartz)
Economy
Put your “recession watch” on hold for now. (Calculated Risk)
Checking in on the predictive value of the slope of the yield curve. (Econbrowser)
Rising real yields are a good thing. (Calafia Beach Pundit also MoneyBeat)
Will the money multiplier ever recover? (FT Alphaville)
Macro market risk is ticking up. (Capital Spectator)
Earlier on Abnormal Returns
What you may have missed in our Tuesday linkfest. (Abnormal Returns)
Mixed media
“How they will make money?” is the wrong question. (Medium)
Voice-activated technology isn’t all that safe when driving. (NYTimes)
When did Lego characters get so angry? (PopSci via @danprimack)
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