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Quote of the day

Howard Lindzon, “If you treat Wall Street like a game or a casino, it is you that will get played. At least in Vegas they will bring you some booze.”  (Howard Lindzon)

Chart of the day

JJC Chart

JJC data by YCharts

Should we care about the decline in copper?  (Dragonfly Capital, Minyanville, BI)


How market tops get made.  (Barry Ritholtz)

The buyback binge is slowing ever so slightly.  (MoneyBeat)

Should we be worried about the rapid rise in unprofitable IPOs.  (MoneyBeat, Pragmatic Capitalism)

The case that yields need to go lower before they go higher.  (Market Anthropology)


KD, “Blame is for losers. Own your actions. Those who blame others are destined to duplicate their mistakes.”  (Kid Dynamite)

Buy dividend growth, not dividend yield.  (Alliance Bernstein)

The three camps around the role of the Fed on the markets.  (A Dash of Insight)


No mechanical investing system works all the time.  (The Reformed Broker)

Why David doesn’t write a newsletter.  (Aleph Blog)


Does Costco ($COST) have a Millenials problem?  (Fortune)

Why Twitter ($TWTR) is having a problem attracting the masses.  (Herb Greenberg)


Lobbying as a source of alpha.  (Felix Salmon)

Financial firms should have good controls before coming public.  (Bloomberg View)

Fannie and Freddie are not managed to “maximize shareholder value.”  (WSJ, WashingtonPost)

Hedge funds are trying to keep more of their data and commentary behind the “paywall.”  (HedgeWorld)


Why new funds outperform: fresher strategies.  (Rekenthaler Report)

The Cambria Global Value ETF ($GVAL) launches today.  (ETF Trends)

Active ETFs need not come from the big fund groups.  (FT)

How securities lending works in ETFs.  (Morningstar)

The number of truly active fund managers is shrinking.  (Buttonwood’s notebook)


Are German bonds the new risk-free asset?  (Buttonwood)

Buy Ukraine, sell Russia.  (Bespoke)


If wage inflation is kicking in, when will the Fed raise rates?  (Tim Duy, Business Insider also Pragmatic Capitalism)


A nice review of GDP: A Brief but Affectionate History by Diane Coyle.  (WSJ)

CEOs and all those that deal with them should read The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz.  (FeldThoughts)

Earlier on Abnormal Returns

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

Mixed media

The movie companies should be concerned about Popcorn Time.  (Time, Ars Technica, Minyanville update TechCrunch)

Why are venture capitalists investing so much in the news?  (Quartz)

Does your phone need a backup battery case?  (WSJ)

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