Quote of the day
John Rekenthaler, “There never was any logic behind the “buy-and-hold is dead” argument.” (Morningstar)
Chart of the day

Smaller cap stocks have been outperforming for the past year. (Horan Capital)
Markets
DH, “What’s missing from any bear thesis at the moment is a catalyst.” (Dynamic Hedge)
Bond yields are overbought for now. (StockCharts Blog, ibid)
Utilities are the odd man odd in today’s stock market. (Global Macro Monitor)
Market fears and the prospect of military action in Syria. (A Dash of Insight)
Are stock markets really demonstrating “extreme fear.” (research puzzle pieces)
Strategy
Should you be trading your 401(k)? (Jason Zweig)
What you can learn from two-way traders. (Derek Hernquist)
Don’t short a stock before checking bond prices. (Aleph Blog)
What’s the difference between ‘shallow risk’ and ‘deep risk’? Insights from William Bernstein’s Deep Risk: How History Informs Portfolio Design. (Allan Roth)
Research
Data snooping is always an issue when testing trading models. (Optimal Momentum)
Minimum variance has gotten too expensive. (SSRN via @quantivity)
The low risk anomaly is present in bond markets as well. (SSRN via @quantivity)
Companies
Could Amazon ($AMZN) offer a smartphone to consumers for free? (Jessica Lessin)
Why a cheap iPhone and China Mobile is such a big deal to Apple ($AAPL). (WSJ)
How CBS ($CBS) methodically built up cable access fees to nearly $1 billion. (NYTimes)
ETFs
There is a new largest actively managed ETF. (IndexUniverse)
The self-indexing trend continues. (IndexUniverse)
Global
Emerging market bonds once again look cheap. (WSJ)
China has escaped the worst of the emerging markets rout. (Sober Look)
Economy
Why the Fed is still on track to taper, albeit slowly, in September. (Tim Duy)
If houses traded like bonds. (Global Macro Monitor)
The Great Recession exposed America’s youth to a new economic reality. (NYTimes)
A look back at the economic week that was. (Bonddad Blog, Big Picture)
The economic schedule for the coming week. (Calculated Risk, Turnkey Analyst)
Earlier on Abnormal Returns
What you may have missed in our Saturday linkfest. (Abnormal Returns)
Top clicks this week on the site. (Abnormal Returns)
Mixed media
What does Tokyo winning the right to hold the 2020 Summer Olympic Games mean for its economy. (Quartz, Bloomberg)
The story behind the rise of Tinder. (Businessweek)
Rowing is the hot new workout. (NYTimes)
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