Book note: Can we fix the coming retirement crisis? A look at Falling Short: The Coming Retirement Crisis and What to Do About It by Charles D. Ellis, Alicia H. Munnell and Andrew D. Eschtruth. (WSJ)
Quote of the Day
"So don’t write only because you know you’re right and have it all figured it out. Write because it attracts other people who can help test your arguments, augment your data or teach you something new."
(Hunter Walk)
Chart of the Day

Justin Fox, “The less tangible a corporation’s assets, the freer it is to escape commitment.”
Markets
- The awful, no good year for the Euro has driven a huge wedge in returns this year. (jlfmi.tumblr.com)
- On the use (and abuse) of historical market scenarios. (awealthofcommonsense.com)
Strategy
- Too good to be true investing stories usually are. (pointsandfigures.com)
- Three risk-averse ways to re-balance a portfolio. (news.morningstar.com)
Finance
- Bond market liquidity keeps draining out of the system. (wsj.com)
- A primer on BDCs. (investmentnews.com)
Bonds
- Bond ladders help you ignore the interest rate noise. (etf.com)
- The idea behind the iShares United States Fixed Income Balanced Risk ($INC). (nytimes.com)
- Why a bond bear market could be sharp. (blogs.wsj.com)
Economy
- The Fed's "monetary lenience" in graphical form. (alephblog.com)
- Why 2% inflation is now a ceiling, not a floor. (bonddad.blogspot.com)
- Weekly initial unemployment claims continue to trend below 300k. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Longform links: why rich guys love to own NBA teams. (abnormalreturns.com)
- What you may have missed in our Wednesday linkfest. (abnormalreturns.com)