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Quote of the day
Justin Fox, “(C)orporate taxes resemble Prohibition in the late 1920s: a set of laws that have lost their legitimacy, and can be flouted with little or no loss of social status.” (HBR)
Chart of the day

Paul Kedrosky, “Always fun watching what happens with a public equity when everyone leans wrong way. Small deltas have massive consequences.” (@pkedrosky)
Markets
The gold and silver miners have bounced. What next? (Market Anthropology)
Traders hate the agricultural commodities. (Short Side of Long)
China’s stock market rally is attracting some attention. (WSJ)
Industrial stocks are falling off the table. (Bespoke)
Strategy
Why ‘buy and hold‘ is a misnomer. (A Wealth of Common Sense)
There’s always a market divergence to worry about. (The Reformed Broker)
How to teach a kid to invest. (Mebane Faber)
Companies
Twitter ($TWTR) earnings surprised to the upside on strong user growth. (TechCrunch, Quartz, Pando Daily, Aaron Pressman, Digits)
How big is the Apple ($AAPL) ecosystem? (Asymco)
Is AMC Networks ($AMCX) getting overlooked in all this cable merger talk? (Quartz)
Amazon
Does Amazon ($AMZN) have a AWS problem? (Feld Report)
Amazon is investing big time in India. (Time)
Amazon’s business strategy is increasingly like a Rube Goldberg machine. (stratechery)
ETFs
Investors can’t get enough sector ETFs. (FT)
Investors take heed: unconstrained bond funds really do follow a range of strategies. (MPI)
Not a huge shock but money is coming out money market funds into equities. (FT)
Quality-mix ETFs look to combine quality, value and low vol all in one pakcage. (Morningstar)
Economy
The US economy bounced back in Q2 at a 4.0% rate. (Calculated Risk, Capital Spectator)
Is the economic recovery actually now trickling down to the middle class? (The Reformed Broker also Dr. Ed’s Blog)
US housing data this month has been not so hot. (Business Insider)
Why the Fed doesn’t have to “unwind” QE. (Pragmatic Capitalism)
Earlier on Abnormal Returns
What you might have missed in our Tuesday linkfest. (Abnormal Returns)
Mixed media
Snapchat is poised for a huge funding round. (Bloomberg)
Howard Lindzon talks real estate the Zillow ($Z)/Trulia ($TRLA) deal. (Soundcloud)
Just in case you didn’t have enough to worry about already…solar storms are a real threat. (CNBC, Businessweek)
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