Quote of the day
Joshua Brown, “If no one believed that anything could ever go wrong, asset prices would be permanently bid up to levels from which no gains could be reasonably expected in the future.” (The Reformed Broker)
Chart of the day
On the link between horse prices and capex. (Real Time Economics)
Markets
Most market stats are just for fun. (Andrew Thrasher)
Has the market correction started? (Barry Ritholtz)
Grains prices have gotten crushed YTD. (Short Side of Long)
Strategy
What to do when market valuations are high. (Aleph Blog)
Quantitative resources for discretionary traders. (TraderFeed)
A systematic look at some popular technical indicators shows little there. (Rick Ferri)
Four questions for Cullen Roche author of Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance. (The Reformed Broker)
Technology
Microsoft’s ($MSFT) new worldview is a huge change from the PC era. (Quartz)
More evidence that tech companies are staying private longer. (Quartz)
Finance
Big commodity traders are now even more important as banks step aside. (WSJ)
Why is America’s payment system so antiquated? (FT)
Checking in with young bankers in New York and London as they start their careers. (Dealbook, FT)
Funds
Can the ‘FPA Way‘ survive a surge in assets under management? (Morningstar)
Why the iShares line of core ETFs has been so successful. (ETF)
Economy
Weekly initial unemployment claims continue to tick lower. (Calculated Risk, Bespoke)
Baseline expectations for the Fed’s exit from QE. (Tim Duy, WSJ)
Why the end of QE3 is a good thing. (Calafia Beach Pundit)
Some signs that inflation is bubbling up. (Capital Spectator)
An exit interview with Jeremy Stein. (Wonkblog)
How the virtual economy is making GDP measurement ever more imprecise. (The Atlantic)
Earlier on Abnormal Returns
What you might have missed in our Wednesday linkfest. (Abnormal Returns)
Mixed media
Analyzing Marc Andreessen’s (@pmarca) epic first six months on Twitter. (Quartz)
The best 25 albums of 2014, so far, including Real Estate’s Atlas. (Paste)
Inside the sausage making factory that is comedy writing. Insights from Mike Sacks’ Poking a Dead Frog: Conversations with Today’s Top Comedy Writers. (Slate)
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