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Quote of the day

David Merkel, “If you don’t take some significant losses during your life, you probably aren’t taking enough risk.”  (Aleph Blog)

Chart of the day

XLY_0514

Technology stocks are breaking out on a relative basis.  (StockCharts Blog, ibid)

Markets

The parallels between May 2007 and May 2014.  (Pension Partners)

Notes from the 2014 London Value Investing Conference.  (market Folly)

Strategy

Simple answers in investing rarely are after further scrutiny.  (Bucks Blog)

Why you shouldn’t rely on any single tool.  (ThinkAdvisor)

Gaps: why you need to have a trading plan.  (Adam Grimes)

Companies

Welcome to the “post, post PC” era.  (The Reformed Broker)

Meg Whitman has a tough job at HP ($HPQ).  (TIme)

Google’s ($GOOG) newest self-driving cars will eliminate the human factor entirely.  (NYTimes also Vox)

Why Elon Musk wants to build a GigaFactory.  (Quartz)

Mary Meeker’s report on the state of the Internet 2014.  (KPCB also Term Sheet)

Companies

Valeant Pharma ($VLX) has upped its bid for Allergan ($AGN).  (Bloomberg)

Is Whole Food’s ($WFM) demise exaggerated?  (Peridot Capitalist, ibid)

Hedge funds

Big investors are shifting straight-up equity exposure to equity hedge fund exposure.  (Institutional Investor)

Why hedge funds are underperforming.  (Fortune)

Finance

The ‘Harvard Indicator‘ is not flashing red yet.  (Wonkblog)

Now commercial real estate crowdfunding is a thing.  (Dealbook)

CEOs have no interest in giving up their private plan perks.  (WSJ)

Square is getting into the small business lending.  (Pando Daily)

Funds

Diversified bond fund managers are winning by loading up on junk bonds.  (WSJ)

Does the world need a leveraged junk bond ETF?  (Bloomberg)

It is not surprising why Wall Street is pushing alternative asset mutual funds.  (The Reformed BrokerWSJ)

Multi-factor models are pushing alpha aside.  (Morningstar)

Economy

Why interest rates are so stubbornly low.  (Tim Duy)

Are we underestimating the fracking boom?  (WSJ)

Americans are once again buying trucks.  (The Atlantic)

American consumers are returning to form when it comes to paying their debts.  (Real TIme Economics)

There is little doubt that inequality is rising in the US.  (New Yorker)

Earlier on Abnormal Returns

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

Mixed media

Wall Street types are getting high on meditation.  (Bloomberg)

What schools feed the asset management industry.   (Moneybeat)

Goldman Sachs ($GS) on why Brazil should win the World Cup.  (FT Alphaville)

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