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Quote of the day

William Bernstein, “When the intelligent investor does some trimming back, he usually feels like a dummy for the next year or two.”  (IndexUniverse)

Chart of the day

VNQ Total Return Price Chart

VNQ Total Return Price data by YCharts

The case for REITs.  (John Authers)

Markets

Howard Marks says markets are rich but not bubbly.  (Pragmatic Capitalism)

The two biggest worries for investors: the Fed and growth.  (Business Insider)

Discounting the talk of a stock market bubble.  (Servo Wealth)

The 1990s stock bubble was much crazier than you remember.  (Slate)

The risk of the stock market never went away, it just seems like it did.  (Price Action Lab)

Companies

Whoever said “television is dead” has not checked the charts.  (Howard Lindzon)

What will the newly spun-off Time Inc. look like?  (Term Sheet)

Finance

CLOs are once again a (big) thing.  (WSJ)

More signs that risky lending has returned. (Dealbook)

Private equity is sitting on nearly $800 billion in “dry powder.”  (FT)

When activist investors take board seat their loyalties are split.  (SL Advisors, Dealbook)

Business development companies (BDCs) are growing and getting riskier along the way.  (Dealbook)

Funds

A look at Pimco’s rough year, performance-wise.  (Rekenthaler Report)

Why active managers have outperformed of late.  (Horan Capital)

How to buy gold and silver at a discount.  (The Short Side of Long)

Global

Goldman says sell the Canadian dollar.  (MoneyBeat)

Why gold continues to pile up on China’s balance sheet.  (FT Alphaville)

Economy

Temp employment continues to rise.  (Value Plays)

Some decent economic stats.  (Calculated Risk, Capital Spectator)

Can you still have bubbles amidst a balance sheet recession?  (Business Insider)

Markets are no longer freaking out about Fed tapering. (Wonkblog)

Remember all those HELOC loans?  (Felix Salmon)

Earlier on Abnormal Returns

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

Mixed media

Why are CNBC’s ratings continuing to fall amidst a roaring bull market?  (Zero Hedge)

Can you really trade part-time? A look at Ryan Mallory’s The Part-Time Trader.  (Reading the Markets)

Charting Bitcoin vs. the South Seas bubble.  (Mebane Faber)

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