Quote of the day

James Surowiecki, “Figuring out the invisible value created by the Internet is no easy task.”  (New Yorker)

Chart of the day


Real yields are once again notably positive.  (Climateer Investing)

Video of the day

Russ Kinnel and Christine Benz talk mutual funds with Consuelo Mack.  (Wealthtrack)


For now indicators point towards more risk-on behavior.  (Reading the Markets)

We are in the “mature phase” of the bull market.  (Dynamic Hedge)

Are these really reasons to be bearish?  (Macro Man)


Another reason not to buy actively managed funds.  (Rick Ferri)

What happens to stocks when disaster strikes?  (Crossing Wall Street)

The disappearance of the roll yield has killed the case for commodities.  (SSRN via CXOAG)


More 401(k) plans are coming with advice.  (Time)

Social media

Can social media firms ever monetize their users?  (ValueWalk)

Is Snapchat a fad or something more permanent?   (Farhad Manjoo)

Why Facebook ($FB) needs a Snapchat.  (NYTimes)


The implications of secular stagnation.  (Gavyn Davies, FT Alphaville, Marginal Revolution, MoneyBeat)

A flaw in the UK recovery story.  (Business Insider)


On the myth of the destruction of the US dollar.  (Business Insider)

Q4 GDP is tracking just below 2.0%.  (Capital Spectator)

Homebuilder confidence ticks down.  (Calculated Risk)


What went wrong: The Mortgage Wars: Inside Fannie Mae, Big-Money Politics, and the Collapse of the American Dream by Timothy Howard.  (Reading the Markets)

A nice review for Walter A. Friedman’s Fortune Tellers: The Story of America’s First Economic Forecasters.  (Marginal Revolution)

Earlier on Abnormal Returns



Why have there been so many Bitcoin thefts?  (Business Insider)

An interesting look at Bitcoin price dynamics.  (FT Alphaville)

Mixed media

There are a ton of podcasts, not much profit.  (WSJ)

Pilots have forgotten how to fly a plane absent automation.  (WSJ)

If you are going to take career risk, do it early in your career.  (The Reformed Broker)
