Read of the day

@jesselivermore, “The market’s valuation is not set by any external standard for what “should” be the case. To the contrary, the market’s valuation is an inadvertent byproduct of the equilibration of supply and demand…”  (Philosophical Economics)

Chart of the day

Is it as simple as this?  (Dragonfly Capital)

Markets

How the relentless bid from share buybacks has driven this rally.  (The Reformed Broker)

Has the market overpriced stocks and long bonds?  (Econbrowser)

Strategy

Why trading should be fun.  (Dragonfly Capital)

Digging through the market’s wost performers for ideas.  (Aleph Blog)

How sports betting is similar to the stock market.  (CNN Money)

Apple

The new Apple ($AAPL) iPhone is going to be a mobile wallet.  (Bloomberg)

Apple’s biggest design flaw.  (Fast Company)

Funds

What you need to know about alternative asset funds.  (Chuck Jaffe)

Private debt funds are the new banks.  (FT)

Indexing is taking hold in Europe.  (Reuters)

Global

The most important charts from the past week.  (Quartz)

The Eurozone economy has stalled.  (FT, MoneyBeat)

China’s manufacturing economy is slowing.  (WSJ)

Economy

The US economy is the buffer for the world’s economy.  (BUsiness Insider)

Why many Americans think the economy is still in recession.  (Wonkblog)

What unions can no longer do.  (Justin Fox)

Earlier on Abnormal Returns

Top clicks this week on the site.  (Abnormal Returns)

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

Mixed media

Every Friday should be a Summer Friday.  (Science of Us via @ritholtz)

Two common misconceptions about learning.  (Wired)

Don’t buy an oceanfront home.  (Slate)

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