Quote of the day

Salman Khan, “The Internet is a dream for someone with a growth mindset.”  (Khan Academy)

Chart of the day

Who said you need to be high tech to generate high returns? Sand companies have soared the past year.  (Ivanhoff Capital)

Markets

The stock market can decline without an inversion of the yield curve.  (Pension Partners)

On the end of the stock buyback boom. (Business Insider)

Strategy

Investors just can’t help themselves when it comes to chasing performance.  (A Wealth of Common Sense)

Once more with feeling: dividend paying stocks are not a substitute for bonds.  (Pragmatic Capitalism)

A discussion with Tim Melvin and Tobias Carlisle author of Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.  (Benzinga)

Technology

Companies are getting more bang for the buck from their IT spending.  (Justin Fox)

Why Instagram is a great environment for advertisers.  (Medium)

Horace Deidu, “So it’s obvious that as a computer becomes wearable it will affect the industry that currently is hired to also be worn: apparel.”  (Asymco)

Lending Club

Lending Club is going public.  (Dealbook, WSJ, FT)

Lending Club is NOT a bank.  (Matt Levine)

Finance

Which hedge funds are attracting big assets.  (Bloomberg)

MF Global customers are going to get their money back.  (Dealbreaker)

Funds

On the rise and fall of the Hussman Strategic Growth Fund.  (Larry Swedroe)

Why S&P 500 index funds are a second-best choice.  (Rick Ferri)

Don’t get hung up on the term “smart beta.”  (Bloomberg)

Alibaba

Business at Alibaba ($BABA) is booming. (Dealbook, WSJ )

But potential shareholders should be wary of governance issues. (Quartz)

Economy

Weekly initial unemployment claims continue to trend below 300k.  (Calculated Risk)

Wages continue to stagnate.  (Bonddad Blog, Wonkblog)

What blue states get wrong: housing.  (Vox)

Alaska is a petro-state but doesn’t act like one.  (Daniel Gross)

A large number of eligible homeowners don’t refinance their mortgages.  (NBER)

Earlier on Abnormal Returns

Moving past the active vs. passive debate.  (Abnormal Returns)

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

Mixed media

Outdoor music festivals have become big business.  (FT, Quartz)

How much does it cost to make ice?  (Wired)

Can the Roku TV help you cut the cable cord?  (WSJ)

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