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Quote of the day

Tom Brakke, “Good advisors are worth their weight in gold, but many have not developed a value proposition that can survive careful scrutiny or increased competition from man or machine.”  (the research puzzle)

Chart of the day


India’s stock market is on fire.  (Bespoke)


The S&P 500 is powering higher despite some notable divergences.  (See It Market)

More on the S&P 500-Russell 200 relationship.  (SurlyTrader)

The markets are a Rorschach test at present.  (Barry Ritholtz)


Extrapolative expectations‘ trump rational expectations.  (Noahpinion)

The ongoing mystery that is momentum investing.  (Buttonwood’s notebook)


Why a tech bust is unlikely: cash on the balance sheet.  (WSJ)

Why is Pandora ($P) rallying?  (Quartz)


Why are SPACs growing again?  (Quartz)

Why are we still cancelling ‘erroneous trades‘?  (Kid Dynamite)

Why you shouldn’t waste your time learning MPT.  (Vitaily Katsenelson)


What ETFs have the highest ‘active shares‘?  (ETF via Focus on Funds)

The pace of ETF launches has slowed.  (FT)

Credit default swap ETFs are coming to market.  (InvestmentNews)


Why investors are still so interested in African stock markets.  (FT)

A look at some truly fragile African economies.  (FT Alphaville)


Remember when everyone was calling for a depression?  (Calculated Risk)

Is Fed tapering a non-event?  (FRB St. Louis)

One of the few tools to cut public pension benefits is COLAs.  (Economist)

Earlier on Abnormal Returns

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

Mixed media

Are you too busy? On the signs of overload. (WSJ)

Tips for junior private equity types.  (peHUB)

A guide for young people: What to do with your life.  (ZenHabits)

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