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Quote of the day
John Picerno, “(Q)uite a lot of what appears to be a good deal in the exploding list of “enlightened” strategies in the land of ETFs and mutual funds is just an excuse to charge more for something that can be accessed less expensively and more efficiently through other means.” (Capital Spectator)
Chart of the day

Lumber prices have been rising since June. (Calculated Risk)
Markets
The presidential election cycle is now negative. (Mark Hulbert)
What to do in this type of market. (The Brooklyn Investor)
The benefits of dividend investing has been overhyped. (Mebane Faber)
Companies
Henry Blodget on what Twitter ($TWTR) is worth. (Business Insider)
Tesla ($TSLA) is having a bad day. (Charts etc.)
Finance
Why tech IPOs are hot: that’s where the growth is. (Tom Tunguz)
Good news. MF Global customers are going to be made whole. (Dealbook)
The idea of fixing benchmark rates seems to be broken. (Quartz also Bloomberg)
On the origins of the idea of “carried interest.” (Institutional Investor)
ETFs
Smart beta comes at a price: risk. (Focus on Funds)
When true believers form an ETF. (The Reformed Broker)
ETF statistics for October 2013. (Invest With an Edge)
Global
A big launch for the db X-trackers Harvest CSI 300 China A-Shares Fund ($ASHR). (IndexUniverse, Focus on Funds)
The profit margins for Chinese stocks seem to be bottoming. (Dr. Ed’s Blog)
Economy
On the coming of the “great bond liquidity drought.” (Felix Salmon)
Two potential headwinds for the US housing market. (Sober Look)
Earlier on Abnormal Returns
What you may have missed in our Tuesday linkfest. (Abnormal Returns)
Mixed media
Elite MBAs are headed to Silicon Valley not Wall Street. (WSJ)
Yahoo Finance has gotten a makeover. (Digits, TechCrunch)
Just how slim are the chances the Kansas City Chiefs will finish the season undefeated. (BW)
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