Expect to hear a lot more about high frequency trading as Michael Lewis’ new book Flash Boys: A Wall Street Revolt hits the shelves. (60 Minutes)
Quote of the day
Morgan Housel, “You can probably afford not to be a great investor — you probably can’t afford to be a bad one.” (Motley Fool)
Chart of the day

Behold the rotation into emerging markets. (Bespoke)
Markets
Seth Klarman is nervous. (Business Insider)
Why the media loves talking about 1929. (Chuck Jaffe)
The stock market is limping into a historically weak seasonal period. (Dragonfly Capital)
Can we finally just give up on the Dow Jones Industrial Average as an index? (Pragmatic Capitalism)
Strategy
What is risk? (All Star Charts)
How the market is like the restaurant business. (ZorTrades)
On the search for alpha in small cap real estate companies. (Alliance Bernstein)
Models should be simple but not too simple. (GestaltU)
A nice review of Greg Harmon’s Trading Options: Using Technical Analysis to Design Winning Trades . (Brian Lund)
How it is that Warren Buffett and Marc Andreessen can both be right about Bitcoin. (Fortune)
Companies
A review of Microsoft’s ($MSFT) new Office for iPad apps. (Mashable, ZDNet, BI)
The days of the “pharma mega-company are fading.” (Dealbook)
If we really were in a tech bubble King Digital ($KING) wouldn’t have tanked. (Slate also MicroFundy)
American companies are piling up cash overseas, not at home. (FT Alphaville)
Finance
What’s new in the world of institutional investing? (Institutional Investor)
Loose lips do not sink ships as activist investors tell others about their plans. (WSJ, ibid)
How Tiger Global became a venture capital powerhouse. (Reuters)
Should we thank the JOBS Act for the recent IPO boom? (FT)
Karl Antle, “Finance is picking up and moving house from its old neighborhood of manual processes and server networks to a shiny new web-based neighborhood. ” (ValuestreamLabs)
ETFs
Three reasons why ETFs are so cheap especially relative to mutual funds. (ETF)
Global
Investors are fleeing from state-controlled firms. (John Authers)
Economy
There is just no signs of inflation out there. (Real Time Economics)
Earlier on Abnormal Returns
What you may have missed in our Thursday linkfest. (Abnormal Returns)
Mixed media
The success of The Wolf of Wall Street is ushering in a wave of new finance-themed shows. (The Hollywood Reporter)
Nate Silver talks punditry and models with Jon Stewart. (FiveThirtyEight)
Why “Silicon Valley” is ripe for satire according to Mike Judge. (Recode)
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