Quote of the day

John Authers, “This [closet indexing] is an effective tax on millions of investors, for no economic benefit, and helps pump up asset bubbles. It impedes capitalism and the efficient allocation of capital.”  (FT)

Chart of the day


The term spread in $VIX options is at levels associated historically with market bottoms.  (Condor Options)


There are just less stocks in uptrends.  (All Star Charts)

A pink sheets stock with a ticker similar to Twitter had an interesting morning.  (Zero Hedge)


It’s time to ditch the Yale Model.  (The Exchange)

Ranking the prospects of various smart-beta regimes.  (Morningstar)

How investors can sort through the noise when it comes to manager selection.  (the research puzzle)

Twitter IPO

Twitter ($TWTR) files to public.  (WSJ, Dealbook)

Twitter is not profitable, yet.  (The Exchange)

Why Twitter is not going to have super-voting shares.  (AllThingsD, FT)

Twitter is the “anti-Facebook.”  (Pando Daily, Quartz, BI)

Does Twitter have a fake accounts problem?  (WSJ)

Twitter is just beginning to monetize international users.  (NYTimes)

Is Twitter really ready to be a public company?  (Term Sheet)

Twitter’s IPO as a branding event.  (ReadWrite)

How Twitter compares to other social media companies at IPO.  (Digits)

The Twitter IPO marks the end of an era consumer-facing social media firms.  (Term Sheet)


The online money management business model shifts towards a hybrid model.  (Financial Planning)

The SEC now has the capability to track real-time market moves.  (Businessweek)

Many brokers move from disgraced firm to another.  (WSJ)


Rail traffic continues to expand.  (Pragmatic Capitalism)

Earlier on Abnormal Returns

Embracing the grind, part two.  (Abnormal Returns)

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

Mixed media

The story of a CEO who really did retire to spend more time with his family.  (WSJ)

The new Kindle Fire HDX makes sense for hardcore Amazon users. (GigaOM)

Why server farms are being located in the Arctic.  (Businessweek)

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.