May was a banner month for hedge funds.  (WSJ)

Natural gas is entering its best quarter of the year (historically).  (Bespoke also ValuePlays)

With commodities on the mend, the frontier markets are back in favor.  (WSJ)

“So is Claymore’s Gold IPO a signal for a top in gold?”  (Trader’s Narrative)

Paulson & Co. owns a lot of gold.  (market folly)

It will be hard for the market to rally until the financials and large-cap technology can move in unison.  (VIX and More)

Always make money when you are right.”  (Andy Swan)

Some thoughts on forex trading.  (Howard Lindzon)

What role do “uninformed traders” play in long-term price reversals?  (Journal of Finance)

RIP, Peter Bernstein.  If you haven’t read “Against the Gods:  The Remarkable Story of Risk.”  You should.  (DealBook, Curious Capitalist, Capital Spectator)

Airlines are unquestionably in bad shape.”  (WSJ also FT Alphaville, Daily Finance)

The Baltic Dry Index is up, but there is no sign of recovery in truck and rail volumes.  (Research Reloaded , Big Picture)

There is a big bulge of loans maturing a few years out.  (Felix Salmon)

Let the TARP repayments begin!  (WashingtonPost, Clusterstock)

Don’t believe bank propaganda that bank lending has held steady through the crisis.  (Baseline Scenario)

Rick Bookstaber talks derivatives regulation in Senate testimony.  (Rick Bookstaber)

Just how successful will caps on financial firm compensation be?  (Megan McArdle)

Three scenarios on how the economy may play out.  (WSJ, Free exchange)

What the late Fischer Black may have said about our current economic predicament.  (SSRN)

An excerpt from “The Myth of the Rational Market” by Justin Fox.  (The Big Money)

A neat find. A pdf of “Speculation as Fine Art and Thoughts on Life” by Dickson G. Watts from the 1880s.  (StockVision via jdmarkman)

The top 10 websites of the economic downturn.  (NYMag)

How to fix financial television.   (Big Picture)

Journalists vs. bloggers.  Separating fact from rumor.  (BuzzMachine)

“What are employees inside Twitter working on to make the service better?” (Eric Jackson)

The Steve Jobs saga continues.  (BusinessWeek, The Daily Beast)

What do the NBA and the English Premier League have in common?  (SportsBiz)

You can now follow Abnormal Returns on Twitter at @abnormalreturns.  Check it out.



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