Quote of the day
Lina Khan, “Over the last decade, some of the world’s biggest traditional traders in grains, oil, and metals have quietly taken on many attributes of banks—running billion-dollar hedge funds, launching private equity arms, and selling derivatives to clients.” (New Republic)
Chart of the day

Who knew? The Dow has beaten the S&P 500 since 1980. (Bespoke also Crossing Wall Street)
Markets
Bond closed-end funds still point to worsening liquidity. (McClellan via @jackdamn)
Tech IPOs have been killing it in the aftermarket. (MoneyBeat)
On the evolution of real interest rates. (Rick Ferri)
Strategy
How to maximize your 401(k) balances. (Morningstar)
On the misapplication of classic Warren Buffett advice. (Marketwatch)
What is the Kiwi sovereign wealth fund model? (Institutional Investor)
Financial advisors
How investment advisors should use social media. (Institutional Investor)
Online startups are lining up to take on financial advisors. (InvestmentNews)
Companies
Apple ($AAPL) makes great phones, but is not so goo integrating Internet apps. (GigaOM)
Why Apple shouldn’t compete on price. (Minyanville)
What Verizon ($VZ) had to pay to get its record bond offering done. (FT Alphaville, Felix Salmon, WSJ, )
How to invest in the robot trend. (Daily Ticker)
Finance
Rising rates are getting companies to start doing deals. (Dealbook, WSJ)
Hilton Hotels is coming public (again). (Bloomberg, Term Sheet)
The big private equity buyouts that have yet to resolve themselves. (Dealbook)
ETFs
Competition is coming to the currency hedged equity ETF space. (IndexUniverse)
Global
European companies continue to trade at a discount to comparables. (FT)
Emerging market debt has overshot to the downside. (beyondbrics)
On the return of bond risk premia. (MoneyBeat)
Economy
Rising rates are already affecting the US economy. (Quartz, WSJ)
Is the Fed focusing too much on the unemployment rate? (Gavyn Davies)
Debt ceiling stupidity, redux. (Bonddad Blog, Pragmatic Capitalism)
How this recovery from prior ones: declining government employment. (Pragmatic Capitalism)
Earlier on Abnormal Returns
What you may have missed in our Wednesday linkfest. (Abnormal Returns)
VCs vs. colleges
How VCs are like colleges. (Baseline Scenario)
Are universities the new VCs? (A VC)
Mixed media
Why you should buy a good office chair. (NYTimes)
The best times to get a doctor’s appointment. (Quartz)
How the state of Wisconsin plans to use “excess cheese brine” this winter. (Slate)
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