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Quote of the day

Gus Sauter, “Since taxes are inevitable, and likely to become even more inevitable, investors should focus on after-tax returns. You can’t live off of before-tax returns.”  (WSJ)

Chart of the day

Comparing generational lows.  (Barry Ritholtz)

Markets

Good news for those looking for a bounceback in the market.  (SentimenTrader)

Why is money still flowing out of muni bonds?  (YCharts Blog)

Stocks and inflation expectations are once again moving in line with each other.  (Capital Spectator)

Silver is setting up to do something here soon.  (Short Side of Long)

Strategy

When to use the $VXX to hedge.  (Evolution Capital)

On the difference between risk tolerance and risk capacity.  (SMB Training)

A closer look at the conservatively run Allegheny Corp. ($Y).  (The Brooklyn Investor)

“Japan is the only country in the world where earnings momentum is positive..”  (FT also WSJ)

Microsoft

Satya Nadella needs to recognize that Microsoft ($MSFT) is NOT a consumer technology company.  (Business Insider also Slate)

Microsoft needs new marching orders.  (Daring Fireball also New Yorker)

Microsoft is horrible at aping Apple and Google ($GOOG).  (Marco)

A list of the many things that could go wrong at Microsoft.  (TechCrunch)

Finance

Truth doesn’t matter much in the battle over Herbalife ($HLF).  (Dealbook)

On the cult of forward guidance.  (Continuations via @reformedbroker)

Just how “GAAP” are your earnings?  (Jeff Matthews)

A troubling trend in 401(k) land.  (Wonkblog)

ETFs

ETFs are not ruining the emerging markets.  (ETF, Random Roger)

Traditional money managers are partnering up to get into the ETF business.  (Morningstar)

Vanguard is making serious inroads overseas.  (FT)

Economy

The ADP employment report showed slowing employment growth.  (Capital Spectator)

The ISM non-manufacturing index for January surprised.  (Bespoke)

Is tapering, tightening?  (Tim Duy)

Earlier on Abnormal Returns

What you missed in our Tuesday linkfest.  (Abnormal Returns)

Mixed media

At what age does genius strike?  (Priceonomics Blog)

CVS ($CVS) is going to stop selling cigarettes.  (Wonkblog)

Are the 2013 Red Sox a model for building a champion going forward?  (Slate)

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