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Quote of the day

John Rekenthaler, “The debate is over: Low cost won. The battles, however, are not over. Begun, the Discount War has.”  (Morningstar)

Markets

You don’t need a recession to see a correction in stocks.  (A Wealth of Common Sense)

It’s been awhile since we saw a +/-1% move in the S&P 500.  (MoneyBeat)

It’s hard to see many tailwinds for the stock market.  (Pension Partners)

Bonds

Junk bond yields have dipped below 5%.  (Income Investing , CNN)

Where muni bond investors should look for opportunities.  (AllianceBernstein)

Why are the world’s bond yields so darn low?  (Barry Ritholtz)

Strategy

If you aren’t willing to rebalance now, then when?  (Capital Spectator)

For advisor clients, how much information is too much?  (Above the Market)

Why worrying about money doesn’t help things.  (Behavior Gap)

Beware a fund manager undergoing a divorce.  (efinancialcareers)

Companies

Trying to put a value on Uber.  (Aswath Damodaran also HBR)

There is no shortage of news at Apple ($AAPL) these days.  (Business Insider)

The seeds of today’s disruption were sown 20 years ago. 20 years hence what will disruption look like?  (Conor Sen)

Finance

Goldman Sachs ($GS) is the last true remaining investment bank.  (Dealbook)

How has Harvard’s endowment done over time?  (FT Alphaville)

Funds

A rare mutual fund recommendation.  (The Brooklyn Investor)

Not much to see in the short-term bond ETFs.  (Focus on Funds)

Global

The case for Russian stocks.  (Surly Trader)

India needs capital. Expect a raft of IPOs.  (Economist)

Is the UK in the midst of a housing bubble?  (Sober Look)

Economy

Las Vegas is coming back from the dead.  (Businessweek)

Is there any penalty when pundits are wrong?  (Barry Ritholtz also Pragmatic Capitalism)

On the pending labor shortage in the US.  (Real Time Economics)

Earlier on Abnormal Returns

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

Mixed media

A review of Roadside MBA: Back Road Lessons for Entrepreneurs, Executives and Small Business Owners by Michael Mazzeo, Paul Oyer and Scott Schaefer.  (FT)

Avoiding stupidity is easier than seeking brilliance.  (Farnam Street)

On the slow demise of the frequent flier program.  (WashingtonPost)

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