Quote of the day

Bill Hambrecht, “The quiet period is stupid.”  (Fortune)

Chart of the day


On its opening price Twitter would rank #137 by market cap in the S&P 500.  (FT)


Should investors still treat emerging markets as a separate asset class?  (SSRN)

An unbiased measure of art returns comes up with some very different answers. (CXO Advisory Group)


Adam Grimes, ” Once you verbalize the reasons for a position, you’ve introduced a potentially complicating factor in your own analysis.”  (Adam Grimes)

You don’t need to predict where stocks are going to be a successful trader.  (SMB Training)


The pricing of the Twitter ($TWTR) IPO left too much money on the table.  (Dan Primack)

Aswath Damodaran can’t make a $45 share price work.  (TechCrunch)

Most of America doesn’t care about the Twitter IPO (nor should they).  (Wired, The Atlantic)

How most investors should “play Twitter.”  (Felix Salmon also Farhad Manjoo)

Twitter shows why prediction markets should still be legal.  (Modeled Behavior)


Sears Holdings ($SHLD) holders from 20 years ago have seen a wealth of spinoffs.  (Unexpected Returns)


The SEC is warning individual investors on the risk of tech stocks.  (FT)

Is the managed futures model broken?  (FT)

Bonds backed by home rental income are now a reality.  (Businessweek)

Now Square is talking a 2014 IPO.  (Digits)


Why bond funds are so prone to surprise investors.  (Rekenthaler Report)

Why fund companies are loathe to close small ETFs: the case of $DXJ.  (research puzzle pix)

The case for indexing as a great financial innovation.  (Vanguard Blog)


The ECB cut interest rates today.  (MoneyBeat)

Do European stocks still have room to run?  (Dr. Ed’s Blog)


Real GDP has only increased 1.6% year-over-year.  (Calculated Risk, Capital Spectator)

The Fed is dealing with thresholds not triggers.  (Tim Duy)

Earlier on Abnormal Returns

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

Mixed media

Bitcoin is by definition a fiat currency.  (Business Insider)

No means a lot of different things.  (Seth Godin)

Five things Oliver Burkeman author of The Antidote: Happiness for People Who Can’t Stand Positive Thinking the “happiness industry” gets wrong.  (Fast Company)

Thanks for checking in with Abnormal Returns. You can follow us on StockTwits and Twitter.