Quote of the day

Chris Dillow, “(M)y point is that discussions of the market should be scientific: is there evidence of predictability or not? What they should not be is just some guy’s judgement.”  (Stumbling and Mumbling)

Chart of the day

TSLA Chart

TSLA data by YCharts

Tesla ($TSLA) is a great example of why shorting based on valuation is a tough game.  (MoneyBeat)


Utopian-style talk often shows up at the end of a boom.  (FT Alphaville)

Signs we are closer to the top than bottom.  (The Reformed Broker)

The case for gold and silver.  (Market Anthropology)

Frontier vs. emerging markets: valuations.  (beyondbrics)


Complexity kills.  (Morgan Housel)

Traders need to lead a balanced life.  (TraderFeed)

SEC employees are pretty good traders.  (Turnkey Analyst)


Why Silicon Valley is the new Wall Street.  (Howard Lindzon)

Two unique financial companies are coming public.  (FT)

Why Simple sold to BBVA.  (Business Insider)

US pension funds are de-risking.  (FT)

The guy behind @GSElevator unmasked.  (Dealbook)


Why Mohamed El-Erian quit Pimco.  (WSJ)

It’s time for Bill Gross to retire.  (Felix Salmon)


Where did MtGox Bitcoin go?  (Yahoo Finance, Dealbook, WSJ, Quartz)

Bitcoin “represents a collective delusion.”  (Barry Ritholtz)

Regulators are sounding the alarm on Bitcoin.  (Chuck Jaffe)


Additional indexing has yet to make active management a layup.  (Rick Ferri)

On the high cost of actively managed funds.  (Economist)

Cash is once again flowing into bond ETFs.  (WSJ)

Hedged ETFs are a more precise vehicle.  (ETF)


Case-Shiller numbers showed the housing economy was on pace at year-end.  (Calculated Risk)

Why taxpayers deserve every penny of Fannie and Freddie’s profits.  (Fortune)

Earlier on Abnormal Returns

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

Mixed media

RIP, Harold Ramis.  (Chicago Tribune)

A classic profile of Ramis.  (New Yorker)

The economics of Ghostbusters. (Quartz)

You can support Abnormal Returns by shopping at Amazon. Don’t forget to follow us on StockTwits and Twitter.