Quote of the day
Charles Kirk, “Just because you can identify a setup will not make you a successful trader or investor. What will do that is how you evaluate that setup to give yourself the best chances for success.” (Kirk Report)
Chart of the day

A look at year-to-date asset class performance. (The Short Side of Long)
Markets
The Dow recently revisited the 200 day moving average. (Bespoke)
The vast majority of stock trades are cancelled, not filled. (Quartz)
Impressions of the 2013 Big Picture Conference. (The Reformed Broker)
Strategy
The great diversification bait-and-switch. (FT Alphaville)
Do you want to trade as much as this guy? (SMB Training)
It’s good to know that investors are crazy all around the world. (Turnkey Analyst)
How a systematic investment process helps us avoid probability pitfalls. (Systematic Relative Strength)
Laszlo Birnyi has a new book coming out: The Master Trader: Brinyi’s Secrets to Understanding the Market. (Ticker Sense)
Companies
Seven ways that Twitter could make money. (Pando Daily)
Is design quality a sustainable advantage for Apple ($AAPL)? (Daring Fireball)
Fintech
Can Rebalance IRA make room for itself in the online investment management space? (IndexUniverse)
Level Money wants to make budgeting effortless. (AllThingsD)
Funds
Adding up the costs of holding an ETF. (ETFdb)
Janet Yellen is a big fan of Vanguard. (IndexUniverse)
Meet the firm that is trying to bring non-transparent actively traded ETFs to market. (Forbes)
The Fidelity Event Driven Opportunities Fund is set to launch. (InvestmentNews)
Economy
What would a government default look like? (Marginal Revolution)
Don’t expect the Fed to change much under Yellen. (Russ Roberts, Daniel Gross)
Janet Yellen has a tough job ahead of her. (Wonkblog)
The Fed needs a consistent public communications strategy. (Tim Duy)
Earlier on Abnormal Returns
Why we may be living in a low-return world for the foreseeable future. (Abnormal Returns)
Embracing the grind. Today marks the eighth blogiversary of Abnormal Returns. (Abnormal Returns)
What you may have missed in our Wednesday linkfest. (Abnormal Returns)
Media
Why all hot music scenes eventually die out. (The Atlantic)
How long can HBO hold out against the streaming tide? (LA Review of Books)
Wasn’t the book industry supposed to be on the rocks by now? (New Republic)
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