Quote of the day
Carl Richards, “At its core, subscribing to an investment newsletter is an expression of hope that someone somewhere knows more than we do.” (Bucks Blog)
Chart of the day
Investor sentiment has been moderating. (The Short Side of Long)
Markets
The economy and the stock market are not the same thing. (Crossing Wall Street)
The Dow is a ridiculous index. (Wonkblog)
Bonds
Rates have risen some 100 bp. How would markets react to another 100bp? (reserch puzzle pix)
Simon Lack, “But just because bonds are likely to be a poor investment doesn’t mean they’re a good short.” (SL Advisors)
Companies
Where do Verizon ($VZ) bonds sit post-Verizon Wireless deal? (Learn Bonds)
What Apple ($AAPL) needs to do to expand its valuation. (Musings on Markets)
Finance
What if Lehman Brothers had been bailed out? (Dealbook)
Goldman Sachs ($GS) employees are no longer guaranteed a Goldman brokerage account. (Dealbook, NYMag)
Howard Marks, “There aren’t 10,000 exceptional people in this industry…” (Bloomberg)
If 401(k) fees are a problem, then IRA fees are a bigger problem. (CNBC)
Funds
On the conflicts of running long-only and hedge fund money side-by-side. (Cassandra Does Tokyo)
Active management is no panacea foe down markets. (InvestmentNews)
Are investors chasing frontier market funds for the wrong reason? (Capital Spectator)
Global
The emerging market bond markets are reopening. (WSJ)
China is growing again in the same old ways. (FT Alphaville, Sober Look)
Markets are treating Spanish and Italian bonds the same. (MoneyBeat)
Demographics
Is the West getting ready for a baby boom? (Buttonwood)
Is Fed policy losing it punch due to an older population? (Wonkblog)
Economy
Economic bloggers see moderate growth. (A Dash of Insight)
At what point do higher oil prices hurt the economy? (Bonddad Blog)
Small business optimism has stopped going up. (Calculated Risk)
Obamacare is going to open things up for entrepreneurs who need health insurance. (Bloomberg)
Earlier on Abnormal Returns
In a world awash in forecasts is it immoral to make them absent “skin in the game.” (Abnormal Returns)
What you may have missed in our Monday linkfest. (Abnormal Returns)
Mixed media
Why are journalists so willing to cite shaky stats. (Francine McKenna)
Are tenured professors better classroom teachers? (Freakonomics, The Atlantic)
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