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Quote of the day

David Merkel, “Credit spreads and implied volatility are cousins.  When there is complacency, both are low.  When there is panic, both are high.”  (Aleph Blog)

Chart of the day


Gold and real yields have tracked each other post-crisis.  (CBP)


The market of late is being driven by the fifty biggest stocks.  (Pension Partners)

The financial sector has been underperforming for a year now.  (All Star Charts)

Forward earnings continue to grind higher.  (Dr. Ed’s Blog)

Precious metals

Why the secular bull market for gold is over.  (Barry Ritholtz)

The case for silver.  (Market Anthropology)

The London Gold fix was routinely “fixed.”  (FT)


Incentives matter.  (The Reformed Broker)

Are hedge funds just big put-writing machines?  (AlphaArchitect)

Why investors need behavioral coaching.  (FT)

Why smaller market participants have an advantage over institutions.  (Ivanhoff Capital)

How you can better “leverage” your time (and money) as a trader.  (TraderFeed)


The ETF price war has spread to Europe.  (FT)

Now there is an index fund based gender diversity.  (Dealbook)


The ADP Employment Report for May was disappointing.  (Calculated Risk, Capital Spectator)

American cars on the road are still pretty darn old. (FT Alphaville)

Is the West Coast in the midst of another housing bubble?  (Pragmatic Capitalism)

Earlier on Abnormal Returns

The top ten websites for traders.  (NAS Trading)

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


20 business books to read this summer including: Think Like a Freak by Steven D. Levitt and Stephen Dubner.  (Business Insider)

The 15 best books this year, so far including Birdmen: The Wright Brothers, Glenn Curtiss, and the Battle to Control the Skies by Lawrence Goldstone.  (Time)

Mixed media

Why do book publishers continue to play fast and loose with book titles?  (Aleph Blog)

Why you should take notes by hand not on your laptop.  (Scientific American, Vox)

Holy *#@, the game Temple Run has been downloaded over a billion times worldwide.  (Recode)

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