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Quote of the day

Ben Carlson, “Self-awareness and humility are two huge attributes that I look for when parsing my financial advice.”  (A Wealth of Common Sense)

Chart of the day

The Russell 2000 closed below its 200 day moving average for the first time since 2012.  (Bespoke)

Markets

Newsletter writers have gotten pretty bearish.  (Mark Hulbert)

A negative divergence worth noting.  (All Star Charts, The Reformed Broker)

Stand your head: using the E/P ratio in place of P/Es or the CAPE.  (Nerd’s Eye View)

The retail stocks are falling out of bed.  (Andrew Thrasher)

Non-dividend payers are getting crushed.  (Bespoke)

Strategy

What kills a bull market?  A recession.  (The Exchange)

The rebalancing debate isn’t much of one.  (Capital Spectator)

Systematic decision making outperforms humans in a number of realms.  (Turnkey Analyst)

Investing books

The investing classics continue to top the bestseller lists.  (The Reformed Broker)

Ten recommended books from William Bernstein author of If You Can: How Millennials Can Get Rich Slowly.  (Business Insider)

How to “de-bias yourself”: a positive look at Tim Richards’ Investing Psychology: The Effects of Behavioral Finance on Investment Choice and Bias.  (Reading the Markets)

Apple

What if Apple ($AAPL) spun out iTunes as a separate business?  (Eric Jackson)

Is the iPad, and tablets in general, just a fad?  (Dustin Curtis)

Apple is taking the lead on sapphire displays.  (The Verge)

The new Macbook Air is not just great, it is now affordable.  (WSJ)

Companies

Is Twitter ($TWTR) cheap?  (Crossing Wall Street)

Whole Foods ($WFM) no longer owns the organic grocery space.  (Bloomberg, Business Insider)

Alibaba IPO

Alibaba filed for an IPO. (WSJ, Dealbook)

Rolfe Winkler, “Put simply, investing in Alibaba is a bet on China and its continued rapid growth.”  (WSJ)

What all does Alibaba do?  (Quartz)

How Alibaba is innovating in the consumer Internet.  (TechCrunch)

Who exactly controls Alibaba?  (Quartz)

One of the big risks to Alibaba is its corporate structure.  (Dealbook, China Real Time)

How many shares will Yahoo ($YHOO) sell? And what will they do with the cash? (Recode, Dealbook, Bloomberg)

Finance

M&A for the sake of tax location is decidedly wrong.  (FT Alphaville)

Why you should take hedge fund stock picks with a big grain of salt.  (Barry Ritholtz)

Let the divestment of coal stocks begin: first Stanford.  (Dealbook, Washington Post)

Bank loan funds

Retail investors have unrealistic expectations for loan fund returns.  (Alliance Bernstein)

Uh oh. Loan fund investors are pulling out.  (FT)

Valuations are one reason the leveraged loan market has hit pause.  (Sober Look)

Global

Martin Wolf, “Low interest rates are certainly unpopular, particularly with cautious rentiers. But cautious rentiers no longer serve a useful economic purpose.”  (FT also Antonio Fatas)

The US is getting older but not as bad as other countries.  (Real Time Economics, FiveThirtyEight, The Atlantic)

Housing

What’s going right with housing?  (Calculated Risk)

Mortgage refinancings have dissipated.  (Calculated Risk)

There is still no shortage of countries experiencing ‘housing bubbles.’  (Capital Spectator)

Earlier on Abnormal Returns

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

Mixed media

The US lawyer bubble has popped.  (Quartz)

Comparing the best way to store your passwords.  (WSJ)

Trend alert: live event interaction like daily fantasy sports.  (Dynamic Hedge)

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