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Quote of the day

Rick Ferri, ” The numbers shift around a bit from one period to another, but in total, the link between past performance and future return is almost nonexistent. The best way to treat past performance is as random.”  (Rick Ferri)

Chart of the day


Improving economic fundamentals suggest higher yields ahead.  (Mebane Faber)


The tape is exhausted.  (The Reformed Broker)

Keep an eye on tech stocks.  (Charts etc.)

Beware e-mail stock spammers are out in full force.  (InvestmentNews)

When a You Can Be a Stock Market Genius trade goes awry.  (Market Folly)

They call it the carry TRADE for a reason: things reverse.  (MoneyBeat, FT Alphaville)


Is cash finally now an underinvested asset class?  (Minyanville)

The greatest myth about trading is that it is inherently risky.  (Brian Lund)

Why you need to learn to embrace losses.  (SMB Training)

Financial pornography often drowns out real investment advice.  (Huffington Post)

What kind of risk gets compensated: volatility or tail-risk?  (SSRN via CXOAG)

What Helaine Olen’s Pound Foolish: The Dark Side of the Personal Finance Industry gets right. (Aleph Blog)


OS X and iOS are converging.  (Pando Daily)

Sounds like Apple ($AAPL) is going to cave on a phablet.  (ReutersQuartz)

Preferential access

Thompson Reuters provides paying clients early access to data.  (CNBC, WSJ)

On the legality of preferential data releases.  (CNBC, FT, Dealbreaker)

How average investors lose in the preferential data game.  (Modeled Behavior)


Are forex markets really rigged?  (Kid Dynamite, FT Alphaville, Felix Salmon)

Haircuts on defaulted muni bonds are growing.  (MuniLand)

A sad fact for equity investors: value is being created pre-IPO.  (Xconomy)


The ETF Deathwatch for June.  (Invest With an Edge)

Blackstone Group ($BX) is getting into the mutual fund business.  (Bloomberg)


Just how bad is the emerging market sell-off?  (FT Alphaville, Horan Capital)

There is still hot money to come out of the emerging markets.  (Quartz)


Weekly initial unemployment claims continue to trend lower.  (Calculated Risk)

The payroll tax hike did not kill the economy.  (Quartz also Bonddad Blog)

The US consumer is hanging in there: retail sales were higher in May.  (Calculated Risk)

State budgets are on the mend.  (Washington Post)

Earlier on Abnormal Returns

What you may have missed in our Wednesday linkfest.  (Abnormal Returns)

Mixed media

Dads are not availing themselves of paternity leave.  (WSJ)

Peter Orszag, In retirement, “Your job may be saving your life.”  (Bloomberg)

Brick by Brick: How Lego Rewrote the Rules of Innovation and Conquered the Global Toy Industry by David Robertson with Bill Breen.  (FT)

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