Quote of the day
Anonymous hedge fund manager, “Many countries are now pursuing different monetary policies – that is the lifeblood of macro trading.” (FT)
Chart of the day

Small caps like rising interest rates. (Business Insider)
Markets
What a regime shift looks like. (Humble Student)
The right stocks are leading the stock market higher. (The Reformed Broker)
Where certain markets are relative to their all-time highs. (MoneyBeat)
It’s going to take some time to adjust to higher interest rates. (Fortune)
Strategy
When do you admit you are wrong? (Dragonfly Capital)
It is easy to get sucked into the ‘macro vortex.’ (Big Picture)
401(k)s are not perfect but that is what we need to work with at present. (Bucks Blog)
Companies
Will Google ($GOOG) apps eventually take over the enterprise? (Pando Daily)
Apple ($AAPL) wants to get into the ad-skipping business. (Jessica Lessin)
The bear case for Apple. (Fortune)
Has Yahoo! ($YHOO) turned its business around one year into the Marissa Mayer era? (WSJ)
Dell ($DELL) investors should take the run. (Marketwatch)
Homebuilders
The big homebuilders have only gotten bigger relative to their competitors. (WSJ)
Homebuilder confidence hits seven year highs. (Calculated Risk, Bespoke)
Homebuilder stocks are off the highs. (ETF Trends)
Finance
Insider traders should be ready to serve some hard time. (Dealbook)
Wall Street still has an ethics problem. (Dealbook, Dealbreaker)
Now the big banks are getting out of the metals warehousing business. (FT Alphaville)
ETFs
What the new Blackstone Alternative Multi-Manager Fund (BXMMX). (24/7 Wall St.)
The proposed Bitcoin ETF seems to be dead on arrival. (FT)
Global
The Fed may be tapering but the rest of the world is not. (Gavyn Davies)
Hedge funds are betting against Polish bonds. (Reuters also WSJ)
A clear explanation of China’s economic problems. (Wonkblog)
The renminbi has stopped appreciating. (MoneyBeat)
Economy
A look at slow but steady industrial production. (Capital Spectator)
Real median wages have stagnated. (Bonddad Blog, RTE)
Big firms are trying hard to justify paying the minimum wage. (Daniel Gross)
Earlier on Abnormal Returns
What you may have missed in our Monday linkfest. (Abnormal Returns)
Startups
Funding environments change: what matters for startups is cash flow. (Ben Horowitz)
Three tips on using equity for startup employees. (Pando Daily)
Mixed media
The world has a glut of rice. (Quartz)
Sous vide machines are going to become a household staple. (Slate)
Go to college. You will live longer. (Freaknomics)
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