Quote of the day

Noah Smith, “Macro-tainment contains no actionable information.”  (Bloomberg View)

Chart of the day

Homebuilders have been having a rough time of it.  (@jessefelder)

Bonds

Why a tick up in Treasury yields shouldn’t be all that surprising.  (Sober Look)

Stocks and bonds are once again moving together.  (Afraid to Trade)

Sectors

Beware the weakness in the financial sector. (Andrew Thrasher)

Taking a closer look at the energy sector.  (Millenial Invest)

Strategy

Patrick O’Shaughnessy, “Some of the outperformance of the value strategy comes because it forces you to never own the really expensive, popular stuff which tends to do terribly in the market.”  (Patrick O’Shaughnessy)

Momentum profits are highly variable over time.  (Larry Swedroe)

Companies

On the downside of tax inversions for taxable investors.  (Focus on Funds)

Claire Suddath, “Given all the choices out there, people just aren’t drinking as much Coke.”  (Businessweek also WSJ)

Samsung’s market share in smartphones is falling.  (Quartz)

Finance

Rethinking stock buyback execution.  (CFO via Market FOlly)

Buyout firms are trading amongst themselves.  (WSJ)

An analysis of what makes analysts cover a stock.  (David Merkel)

Why Calpers is stepping away from hedge funds.  (FT Alphaville)

Global

Why emerging markets have more room to run.  (A Wealth of Common Sense)

Why aren’t emerging markets credit investors reacting more to Argentina’s default?  (FT)

Economy

Weekly initial unemployment claims are solidly at pre-crisis levels.  (Calcualted Risk)

The Chicago Business Barometer showed a big decline.  (Business Insider)

Breaking down the Q2 GDP report.  (Econbrowser)

Earlier on Abnormal Returns

What you might have missed in our Wednesday linkfest.  (Abnormal Returns)

Mixed media

Why your office is so darn cold this summer.  (Fast Company)

Germophobes should embrace the fist bump vs. the hand shake.  (Scientific American)

Can the Timeful app make for a more produtctive day?  (Recode)

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