Quote of the day

Tom Dorsey, “Why should I care about fundamentals, when ultimately, they all get funneled into price. The only ‘fundamental’ I believe in, is the irrefutable law of supply and demand.”  (WSJ)

Chart of the day

GTAT_1014

Sometimes stocks go to zero.  (Ivanhoff Capital also Howard Lindzon)

Markets

2014 is all about the underperformance of small caps.  (The Reformed Broker)

Why you should expect increasing market volatility.  (David Kotok)

Strategy

Diversification sucks.  (Bason Asset via TRB)

The seven essential skills of the “perfect” investor.  (Millennial Invest)

Three (rare) skills that make for successful real estate investors.  (Carl Richards)

Companies

GT Advanced Technologies signed a horrible deal with Apple ($AAPL).  (Matt Levine)

How Apple ($AAPL) thinks about the smart home.  (Fast Company)

The problem with Samsung.  (Asymco)

Paypal has an incentive problem.  (Stratechery)

M&A

Spin-offs are all the rage.  (Dealbook, WSJ)

Things can get topsy-turvy in the midst of a M&A boom.  (WSJ)

Finance

Marc Andreessen still thinks Bitcoin will upend the financial system.  (Bloomberg also A VC)

Another peer-to-peer lender is going public.  (WSJ)

Are we kidding ourselves about the safety of the financial system from hackers?  (WashingtonPost)

Funds

Why holding the Fairholme Fund is so difficult.  (A Wealth of Common Sense)

A deep dive into the new ProShares Managed Futures Strategy ETF ($FUTS). (ETF)

Global

Germany’s economy is weakening.  (Quartz,Gavyn Davies)

China was not shy about investing in Europe in the midst of the Euro crisis.  (FT)

Economy

Is the Eurozone going to drag the US economy down (again)?  (Capital Spectator)

The prime working age population is growing again.  (Calculated Risk)

Earlier on Abnormal Returns

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

Mixed media

How to live an anti-fragile life.  (Farnam Street)

This is bad: coffee prices are at 2.5 year highs.  (WSJ)

What if we re-drew borders based on today’s population in the United States?  (Slate)

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