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Sunday links: plain vanilla plans

“Rather than being anti-market, vanilla financial products would help correct very clear market failures that arise from imperfect information and high search costs. It is the status quo that is anti-market.”  (Interfluidity also Epicurean Dealmaker, Aleph Blog, Felix Salmon)

“How much emerging markets [equities] should I have?”  (The Reformed Broker)

The junkiest bonds (CCC-rated) have been bid up with abandon of late.  (Agnes Crane)

Checking in with investor sentiment at week end.  (Trader’s Narrative, Disciplined Approach to Investing)

90% of small traders purportedly lose money.  They are now flocking to the leverage-filled currency market.  (WSJ)

“At least for the patterns that I’m testing, the advice to hold your winners and cut your losers does not fully hold water.”  (TraderFeed, ibid)

Ugh.  optionsExpress (OXPS) has gotten into the options trading seminar business via Optionetics.  (Barron’s)

Some insight into Susquehanna International, the largest private options trading company in the world.  (Philadelphia Magazine via Infectious Greed)

Did David Swensen (indirectly) ruin the venture capital industry?  (Chris Dixon via Howard Lindzon)

Is a “mass exodus” of hedge funds from London to Switzerland at hand?  (Times Online)

High profile hedge fund Clarium LP is struggling.  (WSJ)

“So we may be fooling ourselves if we think that compensation reforms, by themselves, will prevent another crisis.”  (NYTimes also Clusterstock)

The employment picture argues against a quick return to rapid economic growth.  (NYTimes, The Money Game)

“Rather than crowding out the private sector, Uncle Sam is now standing in for it.”  (Floyd Norris)

Debating the “new normal” for the economy. (Big Picture)

The outsized growth of the securities sector illustrated.  (The Stash)

Checking in on the new condo glut. (Calculated Risk)

“Profits are good when they result from providing a service people want.  When they are the result of capturing the government by cutting special deals, they’re immoral and inefficient.”  (Megan McArdle)

Alfred Nobel hated economics.  So why is there a “Nobel Prize” in Economic Science?  (Standpoint via Arts & Letters Daily)

An interview with Howard Lindzon on social media and StockTwits.  (DailyFinance)

“The buzz around Twitter is so loud, and media companies are so awkward about using social media that they’ll jump at the chance to buy the startup and make it their own.”  (GigaOM)

Is CNBC for sale?  (Zero Hedge)

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  • Friday links: rush into bonds
    abnormalreturns, September 25th, 2009 at 12:10 pm, Comments: 0

    “The big rush into bonds — especially high-quality, low-risk bonds such as Treasuries and government-guaranteed mortgage securities — may have created a situation in which most of today’s bond investors are bound to lose money.”  (Time also Trader’s Narrative, Money & Co.)
    In this environment changing bond benchmarks is trickier than it looks.  (Accrued Interest)
    Taking a [...]


  • The myth of the all-weather portfolio
    abnormalreturns, September 24th, 2009 at 1:44 pm, Comments: 0

    For quite some time now financial advisers of all stripes have been in search of the elusive “all-weather portfolio.”  That is, an asset allocation that serves to protect investors in bad times (bear markets) and performs well in good times (bull markets).  Does an all-weather portfolio really exist?
    Prior to the economic crisis many would have [...]


  • Thursday links: cheap to rich
    abnormalreturns, September 24th, 2009 at 11:14 am, Comments: 0

    Why aren’t individuals embracing equity mutual funds?  (Trader’s Narrative)
    Corporate bonds have gone from cheap to rich.  (EconomPic Data)
    Is the hot A123 Systems (AONE) IPO a sign of froth?  (Fund My Mutual Fund)
    A glut of new mortgage REITs are finding it tough going.  (Money & Co., Zero Hedge)
    “..the iPath S&P 500 VIX Short-Term Futures ETN (VXX) [...]


  • Wednesday links: hunger for yield
    abnormalreturns, September 23rd, 2009 at 10:59 am, Comments: 0

    “The average Fed day has ourperformed the average day by about 7.5 times.”  (Quantifiable Edges)
    AIG (AIG) stock has become a playground for day traders and speculators.  (WSJ)
    How to create a synthetic short in AIG, or any other stock for that matter.  (Daily Options Report)
    “With the worst of the financial crisis now past, it’s time to [...]


  • Tuesday links: high yield bond barrage
    abnormalreturns, September 22nd, 2009 at 11:45 am, Comments: 0

    The appetite for high yield bonds is “ridiculous.”  (The Money Game also Felix Salmon)
    Global market capitalization bounces back in a big way.  (Bespoke)
    Hedge funds raked in cash in August.  (FINalternatives)
    Is the investment management industry ripe for consolidation?  (Morningstar)
    On the rise of modular investment management.  (Abnormal Returns)
    Vanguard is switching to float-adjusted bond indices.  (Morningstar)
    The Thomson Reuters/Jefferies [...]


  • Modular investment management
    abnormalreturns, September 22nd, 2009 at 8:16 am, Comments: 0

    Not too long ago we discussed some developments in the world of investment management that are serving to make new investment strategies available to individual investors.  The investment management industry has always been modular.  Investors could pick and choose from a variety of funds and managers.  However today’s “modular” investment accounts provide investors access to [...]


  • Monday links: bearish conversion
    abnormalreturns, September 21st, 2009 at 12:07 pm, Comments: 0

    Jim Grant is bullish.  Should we be worried?  (Big Picture, Nancy Miller, Money & Co., Fund My Mutual Fund, Zero Hedge)
    Are stocks now overvalued?  (Clusterstock)
    “I can totally understand the panic setting in on money managers as we head into the fourth quarter. I have been there, done that.”  (Howard Lindzon)
    “The fact that we are at [...]


  • Sunday links: lessons from Dow 36,000
    abnormalreturns, September 20th, 2009 at 9:43 am, Comments: 0

    What lessons can be gleaned from the mistake that was Dow 36,000?  (Big Picture, ROI)
    “The very best investors don’t even try to forecast the future. Rather, they seize such opportunities as the present affords them.”  (WSJ also Infectious Greed)
    Low yields on money market funds have stampeded investors into bond funds.  (WSJ also Barron’s)
    Gold gets all [...]


  • Rogue waves and the stock market, redux
    abnormalreturns, September 18th, 2009 at 1:32 pm, Comments: 0

    At one time oceanographers, contrary to ample anecdotal evidence, did not believe that rogue waves existed.  Rogue waves are now known to be “..relatively large and spontaneous ocean surface waves that are a threat even to large ships and ocean liners.”
    We touched on the topic of rogue waves three years ago as more precise measurements [...]


  • Tadas Viskanta

    Tadas Viskanta is the founder and sole editor of Abnormal Returns, one of the most popular and widely praised finance blogs. Since its inception... More »

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