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)


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)


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)


Microsoft’s ($MSFT) new worldview is a huge change from the PC era.  (Quartz)

More evidence that tech companies are staying private longer.  (Quartz)


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)


Can the ‘FPA Way‘ survive a surge in assets under management?  (Morningstar)

Why the iShares line of core ETFs has been so successful.  (ETF)


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)

You can support Abnormal Returns by shopping at Amazon. Don’t forget to follow us on StockTwits and Twitter.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.