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Quote of the day

Michael Kitces, “Simply put, assessing whether a manager is “good” or “successful” or not by using inferential statistics to determine whether the outperformance is likely due to skill or indistinguishable from chance is a virtually useless way to approach the problem of manager assessment.”  (Nerd’s Eye View)


The High-Low Logic Index is screaming sell.  (Mark Hulbert)

Look to 2015 to see that stocks have gotten ahead of themselves.  (Conor Sen also Pragmatic Capitalism)

Mining assets are cheap. The question is who would buy?  (MoneyBeat)


You can’t manufacture low correlations out of thin air.  (Capital Spectator)

Managers are full of noise. The question is how to detect performance signals?  (Aleph Blog)

High net worth investors are adding risk.  (Total Return)

Notes from the Delivering Alpha conference.  (The Reformed Broker, part 2)


Evidence that Apple ($AAPL) is making a full-blown gesture-controlled TV.  (Quartz)

Android is great except for the crappy phones.  (Slate)


Morgan Stanley ($MS) is having an identity crisis.  (Quartz)

Banks sailed through the bond market selloff because they no longer own many bonds.  (Dealbook)

Why your broker has no fiduciary duty towards you.  (Helaine Olen)

What is private equity good for?  (MoneyBeat)

Securities exchanges are under cyberattack.  (FT)

The trial of Fabrice Tourre is silly to say the least.  (Felix Salmon)


ETF expenses add up over time.  (IndexUniverse)

What’s going on with the Pimco All Asset Fund?  (Institutional Imperative)


QE is so last quarter.  (Business Insider)

Asset price inflation” is not inflation.  (Noahpinion)

If Glass-Steagall is the answer, what is the question?  (Marginal Revolution)

Earlier on Abnormal Returns

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

Mixed media

Put down that martini! Breakfast is the best time for business meetings.  (FT)

Superbulls are upending the rodeo business.  (Mercury News)

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