Quote of the day
Morgan Housel, “Even though we have more financial data than ever, investing is just as much an art as it was when Ben Graham criticized it almost a century ago.” (Motley Fool)
Chart of the day

A look at the Dow on an inflation-adjusted basis. (Economix)
Markets
Jeremy Grantham’s latest provides fodder for everyone. (Kid Dynamite, Business Insider)
Chinese stocks are sitting just below important resistance. (Market Anthropology)
Investors are bidding up junk stocks. (Bloomberg)
REITs are on sale. (BCA Research)
Ten high-conviction picks from the ultimate stock pickers. (Morningstar)
Strategy
Don’t expect to see accurate bubble calls on the front page of the mainstream media. (Barry Ritholtz also Capital Spectator)
When a declining stock price is a blessing in disguise. (Vitaliy Katsenelson)
Investors are still overweight bonds. (Simon Lack)
Applying the smell test to backtested results. (Morningstar)
The case for holding for the long-term: taxes. (Turnkey Analyst)
Do you need a proprietary trading platform? (SMB Training)
Companies
3M ($MMM) is finding organic growth harder and harder to find. (WSJ)
Competition is ebbing in the airline industry. (Felix Salmon)
Media
The NFL and MLB may take their balls leave free TV. (BusinessWeek)
The evolution of Bloomberg News. (Felix Salmon)
Just how big is ESPN? (The Atlantic)
The media is a two-way street. (The Reformed Broker)
Startups
Now DropBox is raising money at a $8 billion valuation. (BusinessWeek, TechCrunch, Yahoo Finance)
Startups are making it possible for individuals to IPO themselves. (NYMag)
ETFs
What is the problem with smart beta? (IndexUniverse)
Five criteria for measuring a mutual fund. (Vanguard)
A look at Franklin Templeton’s ($BEN) first ETF the Franklin Short Duration U.S. Government ETF ($FTSD). (IndexUniverse)
Economy
Earlier on Abnormal Returns
What you may have missed in our Monday linkfest. (Abnormal Returns)
Luck
Why it is important to acknowledge the role luck plays in outcomes. (HBR)
How luck played a big role in the rise of The Beatles. (Cass Sunstein)
Mixed media
Older Americans are increasingly supporting adult children. (Real Time Economics, Time)
Where was the $1.5 billion from MF Global all this time? (Fortune)
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