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Quote of the day

Morgan Housel, “You should never blame an irrational market for your terrible performance.”  (The Motley Fool)

Comic of the day

Dilbert.com

Markets

Defensive sectors and the low volatility anomaly.  (Pension Partners)

What signal can we tease from volatility indicators?  (Capital Spectator)

A cautionary sign for Canadian stocks.  (See It Market)

Emerging markets

Picking among the emerging markets is tough.  (A Wealth of Common Sense)

Emerging markets are ticking up absent a rise in commodity prices.  (Dr. Ed’s Blog)

Strategy

Why the active-passive debate IS important.  (Pragmatic Capitalism)

In praise of portfolio sloth.  (Dan Solin)

Testing optimal rebalancing strategies.  (SSRN via CXOAG)

Companies

A summary of what Apple ($AAPL) announced and what everyone thought.  (Abnormal Returns)

Apple reportedly to buy Path.  (Pando Daily)

Microsoft ($MSFT) to buy the maker of Minecraft.  (WSJ, Dealbook, Bloomberg)

Finance

The big problem with hedge funds: short term capital gains taxes.  (ETF)

Why you should expect to see more yield-focused entities.  (FT Alphaville)

ETFs

When should you trust a new, small ETF?  (ETF)

On the importance of using tracking error in selecting ETFs.  (Matt Hougan)

Global

European REITs are on fire.  (WSJ)

A look at global long-term economic growth.  (Bespoke)

Economy

Why has jobs growth outperformed GDP?  (Bonddad Blog)

Lumber prices are back on the rise.  (Calculated Risk)

How the wealth effect could unwind.  (FT Alphaville)

Under what conditions can housing bubbles exist?  (NBER)

Earlier on Abnormal Returns

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

Mixed media

America loves pumpkin-flavored anything.  (WashingtonPost, Vox)

Why you should dress up for your next bout of air travel.  (Slate)

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