Quote of the day
TED, “Hedge funds and private equity aren’t investment strategies but a method to monetize institutional investors’ greed, hubris, and gullibility.” (@epicureandeal)
Chart of the day

If the stock market were a bond… (Crossing Wall Street)
Markets
On the end of the generations-long bull market in bonds. (MoneyBeat)
How often is there a 10% pullback in the stock market? (Avondale Asset)
Positive economic news is pushing bond yields higher. (Charts etc.)
Munis yield as much as corporate bonds. (Barron’s)
China now looks oversold. (AlphaNow)
Strategy
How much attention should we pay to past fund performance? (Morningstar)
Don’t confuse uncertainty with risk. (Capital Spectator)
Read “scary websites” with caution. (Pragmatic Capitalism)
Companies
Android is the smartphone OS of choice. (WSJ contra Asymco)
Why do we still lionize the families that have run US newspaper companies into the ground? (Business Insider)
Finance
Private equity is cashing out of prior deals like Hilton, but what comes next? (WSJ, ibid)
Five tips for the management of hyped IPOs. (Quartz)
European high yielders are finding a home in the US. (FT)
Funds
A look at five new active ETFs. (Bloomberg)
DFA is tweaking the way it builds equity portfolios by including profitability measures. (InvestmentNews)
MLP ETP innovation is alive and well. (IndexUniverse)
Do market makers need incentives for ETFs? (FT)
Global
Just how out of synch are the major global economies? (Sober Look)
Signs of stabilization in the Chinese economy. (Bloomberg)
Should Canada worry more about China or real estate prices? (Vitaliy Katsenelson)
Economy
Weekly initial unemployment claims are plumbing 2007 levels. (Calculated Risk, Capital Spectator, Bespoke)
What if capital spending accelerates? (Dr. Ed’s Blog)
The economy wants to grow faster in the second half of the year. (Bonddad Blog)
The labor market is still stuck. What can the government do to unstick it? (Mark Thoma)
How age changes how we spend. (Free exchange)
The US has become the diesel refiner of choice. (CNBC)
Earlier on Abnormal Returns
What you may have missed in our Wednesday linkfest. (Abnormal Returns)
Check it out
The Bespoke guys have been crushing it of late. (CNBC)
A great opportunity for those interested in financial planning. Carl Richards is giving away 20 scholarships to the College of Financial Planning. (Behavior Gap)
Mixed media
The FT/Goldman Sachs Business Book of the Year Award 2013 longlist was announced including Three Central Bankers and a World on Fire by Neil Irwin. (FT)
Why you should pick up a copy of the Brian Lund edited Trading: The Best of the Best – Top Trading Tips for Our Times. (Sizemore Insights)
Jon Boorman talks with Michael Covel. (Trendfollowing Podcast)
Thanks for checking in with Abnormal Returns. You can follow us on StockTwits and Twitter.