Quote of the day

Patrick O’Shaughnessy, “History teaches us that we should avoid lottery stocks like the plague.  Just like the actual lottery, the probabilities of a big payoff are just too low.”  (Millenial Invest)

Chart of the day

TWTR_0414

Twitter ($TWTR) execs (and big shareholders) have pledged not to sell shares on the initial unlock. (Recode, Dealbook)

Video of the day

Rob Arnott defends fundamental indexing with Consuelo Mack.  (Wealthtrack)

Markets

2014 has been the inverse of 2013.  (Pension Partners)

There is no shortage of excuses for why the stock market has corrected.  (Barry Ritholtz)

Hedge funds have dumped their high growth/valuation names.  (Business Insider)

Investors are deleveraging.  (Investing with Options)

Why value should continue to outperform.  (MoneyBeat)

Why a correction is not all that surprising.  (Humble Student)

The Treasury rally is likely to run out of steam.  (Sober Look)

Investors are hedging their bets.  (FT Alphaville)

Strategy

On the use of dividend stocks for retirement income.  (Jonathan Clements)

Let go of your sunk costs.  (A Wealth of Common Sense)

Companies

Many startups are taking money they don’t need right now, but VCs are offering.  (NYTimes)

What is Yahoo ($YHOO) going to do in the TV game?  (NYTimes)

Some shareholders are urging Walgreens ($WAG) to move overseas.  (FT, 24/7 Wall St.)

The cable overlords are keeping the US in the Internet dark ages.  (FT)

Deal talk

TIAA-CREF to purchase Nuveen Investments.  (BloombergWSJ)

Doing the math on the Nuveen deal.  (Felix Salmon, Term Sheet)

ETFs

What a hedge fund failure looks like.  (All About Alpha)

Smart beta investors need to understand the risks they are taking.  (ETFFT)

How much fund companies pay for ‘shelf space‘ at the big brokers.  (Barron’s)

Economy

Retail sales were strong in March.  (Calculated Risk)

Is the Great Moderation back?  (Gavyn Davies)

The Tesla ($TSLA) kerfuffle is just another example of misplaced regulation.  (James Surowiecki)

Forecasters have a hard time calling turns in the economy.  (voxEU)

Where your tax dollars go.  (Vox)

Earlier on Abnormal Returns

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

Mixed media

In praise of a regular workday.  (FT)

Why you should never read the comments.  (Priceonomics Blog)

The next steps for bring the StockTwits vibe to the physical world.  (Howard Lindzon)

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

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.