Quote of the day

Pre-order alert: Michael Lewis’ latest book Flash Boys: A Wall Street Revolt is coming out next month.

Harry Markowitz, “One lesson from 2008 is that if it’s very complicated and you don’t understand it, maybe you shouldn’t buy it.”  (FT)

Chart of the day


eBay ($EBAY) has been outperforming since the market bottom in 2009.  (All Star Charts)


Many people still hate the current stock market.  (Joe Fahmy)

On the rebound in market-implied growth rates.  (Compounding My Interests)

Check out the huge surge in Fannie Mae stock.  (Business Insider, WSJ)


Don’t invest if you don’t want your beliefs “challenged and corrected.”  (Above the Market)

Congrats on seven years of blogging.  (Aleph Blog)


Will free online money management become a loss leader for bigger firms?  (HIA Research)

Bank forex trading is not a license to print money.  (FT Alphaville)

Are universities “hoarding” their endowments?  (Free exchange)


The behavior gap illustrated: investor ill-behavior over the past decade.  (Morningstar)

In praise of transparent ETFs.  (ETF)

The good, bad and ugly of ETFs in 2013.  (Morningstar)


Norway’s sovereign wealth fund earned nearly 16% in 2013.  (MoneyBeatWSJ, FT)

Is China setting up for its own ‘lost decade’?  (Pragmatic Capitalism)


Q4 GDP was revised down again.  (Business Insider, Calculated Risk)

Rail traffic has been sluggish in 2014.  (Pragmatic Capitalism)

Why higher wages are not something to fear at this point in the cycle.  (FT Alphaville)

Earlier on Abnormal Returns

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

Mixed media

Barry Ritholtz, “Is Musk a visionary, or a rent-seeker?”  (Bloomberg View, Quartz)

Bitcoin has a problem: humans.  (The Atlantic)

Another start-up takes a stab at making sense of the Twitter fire hose for finance.  (Dealbook, GigaOM)

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