Quote of the day
Warren Buffett, “You only have to get rich once. That seems pretty fundamental.” (ST50)
Chart of the day

Financials are rolling over relative the broader market. (Humble Student)
Markets
Are investors too complacent? (Big Picture)
Do you want to be right or make money? (The Reformed Broker)
Is HFT increasing volatility or are our eyes fooling us? (Adam Warner)
Cyclical stocks are still outperforming. (Crossing Wall Street)
Strategy
Analyst target prices track trailing stock prices. (research puzzle pix)
Can undisciplined people trade successfully? (SMB Training)
Are dividend-focused investors crazy? (Phil DeMuth)
Research
Do stop-loss and stop-gain strategies work? (Empiritrage)
How leverage induces forced selling in markets. (Pragmatic Capitalism)
In defense of time diversification. (SSRN)
Have markets gotten any more efficient in the past 50 years? (Bloomberg)
Companies
Don’t buy Apple ($AAPL) just based on a new product, i.e. iPhone, introduction. (finansakrobat)
How is Apple going to price its new phones? (stratechery)
Is Microsoft ($MSFT) “too tricky to manage”? (NYTimes)
Can wearables really become a full-fledged business for Apple or Google ($GOOG)? (Monday Note)
Finance
The traditional 2&20 for hedge funds is now more like “1.6% & 18%.” (WSJ)
Alibaba wants a Google-like deal for current shareholders. (FT)
How Apollo Global ($APO) was able to turn a profit on the Realogy ($RLGY) LBO. (WSJ)
ETFs
Low-cost funds, a la Vanguard, are having a harder time making headway in Europe. (FT)
Fund companies should keep expense calculations consistent. (Rick Ferri)
Global
Just how big a deal is Syria to the global oil markets? (Econbrowser)
Officials should stop using the term “green shoots.” (MoneyBeat)
Economy
Are higher interest rates killing the recovery? (Brett Arends)
Buying a house has just gotten harder. (Wonkblog, Sober Look)
Manufacturing is recovering but manufacturing employment is not. (Bonddad Blog)
On the hurdles facing the “sharing economy.” (New Yorker)
The crop insurance program “is a good deal for everyone but taxpayers.” (Bloomberg)
Earlier on Abnormal Returns
What you may have missed in our Sunday linkfest. (Abnormal Returns)
Mixed media
Nassim Taleb talks with Russ Roberts on the “morality and effectiveness of skin in the game.” (EconTalk)
On the tax consequences of betting on football. (Forbes)
Why cards are the future of the web. (Intercom)
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