Quote of the day

Patrick O’Shaughnessy, “Ultimately, choosing what to do with a company’s cash (or how to raise it) is one of a CEO’s most important decisions. ”  (Millenial Invest)

Chart of the day

Putting the plunge in Eurozone yields into perspective.  (Dr. Ed’s Blog)

Markets

Check out the stocks most hurt in the high momentum sell-off.  (Bespoke also Herb Greenberg)

More signs the market is losing steam.  (Dynamic Hedge also The Felder Report)

Investors are buying up CCC-rated debt.  (FT)

Bullish individual investors are in scarce supply.  (Bespoke)

Yes, stocks and bonds can rise together.  (A Wealth of Common Sense)

Hedge Funds

Hedge funds are not having a good year.  (WSJ also Barry Ritholtz)

“How do you become a super-wealthy hedge fund manager in the first place?”  (FT ALphaville)

Technology

Anecdotal signs we are in the midst of a tech bubble.  (Adam Lashinsky)

How Apple ($AAPL) should remake iTunes.  (The Week, Om Malik)

Why the iPad still has a bright future.  (Quartz)

When will the smartphone market be “saturated”?  (Asymco)

Marissa Mayer on why Yahoo ($YHOO) is undervalued.  (TechCrunch)

Doug Kass on why the Facebook ($FB) deal for WhatsApp is not going to end well.  (TheStreet)

Can ShopRunner take on Amazon ($AMZN)?  (Quartz)

Companies

If organic food is getting commoditized where does that leave Whole Foods ($WFM)?  (Slate, FT)

FedEx ($FDX) is shaking up the shipping game by charging by size in addition to weight.  (WSJ)

Three reasons for Berkshire Hathaway’s ($BRKB) success.  (Farnam Street)

Finance

A company like Twitter ($TWTR) isn’t truly public until the lockup expires.  (Matt Levine)

Motif Investing just raised another big venture round.  (Pando Daily)

JP Morgan ($JPM) is hiring Silicon Valley talent.  (Quartz)

Thinking about high frequency trading as a tax.  (socializing finance)

Funds

Your portfolio managers may be using technical analysis on the down low.  (Rekenthaler Report)

Dividends alone may not cut it as a screen.  (ETF)

Financial literacy

Financial illiteracy is a global phenomena.  (The Atlantic, Pragmatic Capitalism)

Financial literacy education needs to be an ongoing process.  (The Atlantic)

Economy

The story of the US economic recovery in 15 charts.  (WashingtonPost)

“When should you evaluate subsamples?  Whenever you can.”  (Econospeak)

Earlier on Abnormal Returns

Do you have a market edge? Probably not says Lars Kroijer in his book Investing Demystified – How to Invest Without Speculation and Sleepless Nights.  (Abnormal Returns)

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

Mixed media

Art auction houses are moving away from actual auctions.  (FT, FT Alphaville)

The half-life of news scoops is fading.  (GigaOM)

Another reason to buy a Tesla ($TSLA): they are hard to steal.  (NY Post)

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