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Quote of the day

“The active management industry today is bigger and more competitive than it was 30 years ago, so it takes more skill just to keep up with the rest of the pack.”  (Knowledge@Wharton)

Chart of the day

What if the stock market were a bond?  (Crossing Wall Street)

Markets

What the market does after chopping around for awhile: not much.  (Ryan Detrick)

Want to see confused markets? Even lower interest rates.  (Market Anthropology)

How have mortgage REITs done of late?  (Minyanville)

Strategy

The rebalancing debate isn’t much of a debate.  (Rekenthaler Report)

You gotta start somewhere: implied equilibrium risk premia for major asset classes.  (Capital Spectator)

Why companies with low media exposure outperform.  (Turnkey Analyst)

Companies

Twitter ($TWTR) earnings were something to be desire. Now the bull case.  (Recode, Medium)

Apple’s ($AAPL) fair value hasn’t changed all that much.  (Musings on Markets also See It Market)

Elon Musk, CEO of Tesla Motors ($TSLA), has a knack for getting other to fund his businesses.  (Daniel Gross)

CEO pay: three cases of unearned income.  (Dealbook, Guardian, Bloomberg View)

Finance

Want to make money in technology? Become a CFO.  (Quartz)

Banking is getting boring and that is a good thing.  (Bloomberg View)

The SEC is now focused on ‘bogus’ private equity and hedge fund fees.  (Term Sheet)

Funds

Five ETFs you probably haven’t heard of before.  (ETF)

Just how bloated is your mutual fund?  (Morningstar, Chicago Financial Planner)

Global

Why interest rates could remain low for a long, long time.  (Martin Wolf)

Europe is having a “credit-less” recovery.  (Sober Look)

Why Italy’s economy is so slow to change.  (WSJ)

Economy

The US economy barely grew in Q1.  (Vox, Quartz, Calculated Risk, Upshot, Bonddad Blog, Econbrowser)

The ADP April Employment report showed stronger jobs growth.  (Capital Spectator, GEI)

The nine stages of the ‘Piketty Bubble.’  (FT)

Earlier on Abnormal Returns

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

Mixed media

Why initial successes are so important. Also the ‘Pied Piper’ effect.  (FT Alphaville also A VC)

What Midwesterners consider to be the Midwest.  (FiveThirtyEight)

The best songs of 2014 (so far).  (Paste, Esquire)

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