Book Q&A: Why bad food tastes good. A discussion with Mark Schatzker author of The Dorito Effect: The Surprising New Truth About Food and Flavor. (Vox)
Quote of the Day
"Flat markets do not necessarily suggest any particular outcome when the S&P 500 finally breaks out of its slumber."
(Joshua Brown)
Chart of the Day

Watch Sotheby’s ($BID) as an early indicator on what is going on in China.
Markets
- The comprehensive case for a major market top. (athrasher.com)
- Market breadth is not a on/off indicator. (theirrelevantinvestor.tumblr.com)
- Emerging markets are not all that oversold yet. (shortsideoflong.com)
Strategy
- On the use of managed futures as a portfolio diversifier. (managed-futures-blog.attaincapital.com)
- Ugh. The forecasting record of a "gloom and doomer." (etf.com)
Companies
- If you bought big oil stocks for the buybacks.... (wsj.com)
- What Microsoft ($MSFT) learned from the Nokia debacle. (nytimes.com)
- T-Mobile ($TMUS) is gaining ground on the big three. (slate.com)
Trends
- The biotech boom may wane but dividends will accrue to patients. (valuewalk.com)
- Silicon Valley is going to have to retrench. (csen.tumblr.com)
Finance
- Hedge funds are tired of their investors sharing their quarterly letters to the public. (wsj.com)
- Do RealVisionTV and Wall Street Week represent the future of financial television? (institutionalinvestor.com)
Global
Economy
- The case for a September rate hike keeps getting stronger. (economistsview.typepad.com)
- The odds of a recession are pretty low at the moment. (capitalspectator.com)
- Who benefits from financial bailouts? (bloombergview.com)
Earlier on Abnormal Returns
- Podcast links: putting the tech in biotech. (abnormalreturns.com)
- What you might have missed in our Thursday linkfest. (abnormalreturns.com)
- Announcing the biggest, baddest Abnormal Returns giveaway yet. (abnormalreturns.com)