Quote of the day

David Merkel, “In institutional portfolio management, the two hardest things to do are to buy higher than your last buy, and sell lower than your last sale.”  (Aleph Blog)

Chart of the day


Are emerging markets basing relative to the S&P 500?  (Minyanville)


Retail investors are bolting from emerging market funds.  (WSJ)

Component weights if the Dow were cap weighted.  (Avondale Asset)

A look at the rise in sovereign yields.  (Bespoke)

Investor sentiment has once again turned negative.  (Bespoke)


The market ensures that risk factors ultimately burn out.  (Rick Ferri)

A first step on the rebalancing spectrum.  (Capital Spectator)

Gold is a big leveraged bet on lower real interest rates.  (Noahpinion)

Moving beyond volatility as a risk metric.  (IndexUniverse)


How is Hewlett-Packard ($HPQ) managing the decline of the PC?  (Quartz, AllThingsD, NYTimes, WSJ)

Keep the fracking companies on your radar.  (Dynamic Hedge)

A look at what drives Apple ($AAPL) revenues.  (Asymco)


Hedge funds have some explaining to do for this year’s performance.  (MoneyBeat, ibid)

Why hedge fund seeding has become a mainstream strategy.  (Institutional Investor)

Goldman Sachs ($GS) gets a pass on some “erroneous trades.”  (Points and Figures, WSJ, FT)


How bond fund investors will act in an era of rising interest rates.  (Felix Salmon)

How fund expenses are indicative of future fund returns.  (Rekenthaler Report)

The Market Vectors Low Volatility Commodity ETF nears launch.  (IndexUniverse)


The Eurozone recovery seems to be taking hold.  (Business Insider)

The Southeast Asian unwind continues.  (Marginal RevolutionMoneyBeat, CNBC)

Eastern Europe is relatively unscathed this time around.  (MoneyBeat)

Raghuram Rajan doesn’t have a lot of time to save the rupee.  (Quartz, FT)

Inflation ain’t what it used to be.  (Fatas and Mihov)


Weekly initial jobs claims are still pointing towards economic growth.  (Calculated Risk, Bonddad Blog, Capital Spectator)

The Fed minutes don’t tell us much about when the Fed will taper.  (FT Alphaville, RTE)

Why aren’t Americans moving to where the jobs are located?  (Slate)

Earlier on Abnormal Returns

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

Mixed media

Why hyperlocal is such a tough nut to crack.  (Fortune)

Most of us don’t focus enough. A review of The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller.  (Aleph Blog)

Thanks for checking in with Abnormal Returns. You can follow us on StockTwits and Twitter.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.