Quote of the day
Ryan Detrick, “Next time you have a losing streak, ask yourself if it is your fault? Or the market’s fault? Hopefully, you realize the only way to get better is to take the blame, learn from it, and profit the next time.” (Schaeffer’s Trading)
Chart of the day

A classic divergence in the gold miners. (Mebane Faber also Random Roger)
Markets
Be careful whenever anyone says there is a “floor” under the market. (Dynamic Hedge)
Small caps are expensive relative to large caps. (Mebane Faber)
Global equity market performance YTD. (Global Macro Monitor)
Strategy
On the nature of randomness in trading results. (Adam Grimes)
How selective memory affects our investing results. (Investing Caffeine)
How to safeguard your asset allocation. (Oblivious Investor via Monevator)
Companies
Shouldn’t a 20-year old company be making a profit by now? (Daniel Gross also Aleph Blog)
Would Steve Jobs have liked iOS 7? (Daring Fireball)
Why Google ($GOOG) should buy Twitter before the IPO. (Uncrunched)
SnapChat is experiencing Instagram-like growth. (GigaOM, AllThingsD)
Finance
There is no such thing as a conflict-free brokerage. (Jason Zweig)
Activist investors are having an easy time raising capital for new hedge funds these days. (II Alpha)
How Rivzi Traverse Management came to hold a 15.6% stake in Twitter. (WSJ)
The how and why of Goldman Sachs ($GS) charitable donations. (Dealbook)
Economy
The evidence that low inflation is hurting the US economy. (NYTimes)
On the benefits of reconciling the views of Fama and Shiller. (FT, NYTimes)
How has the Great Recession changed the labor market? (Sober Look)
A look back at the economic week that was. (Bonddad Blog)
The economic schedule for the coming week. (Calculated Risk)
Earlier on Abnormal Returns
Top clicks this week on the site. (Abnormal Returns)
What you may have missed in our Saturday linkfest. (Abnormal Returns)
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