Quote of the day
Howard Lindzon, “Every investor can own a $DIS in their lifetime but nobody catches a $CYNK. The returns are real, the myth is that you can catch it.” (Howard Lindzon)
Chart of the day

Corn prices are plummeting on a forecast bumper crop. (FT also Bloomberg)
Markets
Options markets are still ahead of realized volatility. (Barron’s)
Three signs of the apocalypse. (Sigmund Holmes)
Utilities are overvalued. (Morningstar also ETF)
Strategy
Five ways to fail at trading. (Adam Grimes)
Average stock market returns aren’t average. (Marginal Revolution)
Important lessons learned from all manner of investors. (A Wealth of Common Sense)
People badly want to believe there are forecasters out there who can see the future. (Barry Ritholtz)
Companies
Why consolidation in the cigarette business shouldn’t be feared. (Quartz)
What it takes to achieve a competitive advantage. (Crossing Wall Street)
Finance
Ready or not the Alibaba IPO is coming. (WSJ also Morningstar)
You can’t have markets without an occasional Cynk situation. (MoneyBeat)
Now realtors have their own ‘dark pools.’ (Bloomberg)
There is no shortage of ‘mini-Madoffs.’ (Dealbook)
ETFs
ETF statistics for June 2014. (Invest with an Edge)
Economy
The US economy is doing alright. (Pragmatic Capitalism)
The four components of the US’ “New Energy Equation.” (Daniel Gross)
Michael Covel talks with Tyler Cowen author of Average Is Over: Powering America Beyond the Age of the Great Stagnation. (Trendfollowing Podcast)
Earlier on Abnormal Returns
What you might have missed in our Thursday linkfest. (Abnormal Returns)
Mixed media
Why it is a good thing that robots are getting into the journalism business. (Kevin Roose)
What the potato salad guy says about our new Internet economy. (New Yorker)
Listening to the news can be a big stressor. (NPR)
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