Wednesday links: lost decade for stocks

26Mar08

The stock market is trading right where it was nine years ago. Stocks, long touted as the best investment for the long term, have been one of the worst investments over the nine-year period, trounced even by lowly Treasury bonds.” (WSJ.com also Aleph Blog)

You do not always need to have a strong opinion on the market. (TheStreet.com)

Everyone assumes the bond market is correct—it never suffers from exuberance, rational or otherwise.” (Crossing Wall Street)

The first actively managed ETF begins trading. (ETF Trends)

Reverse convertibles‘ another example of investors getting burned by chasing unrealistic yields. (WSJ.com)

Where are investment consultants looking for opportunities? (All About Alpha)

A staggering estimate of the ultimate extent of credit writedowns. (naked capitalism, FT Alphaville)

“The never few weeks will test whether that negative feedback loop has broken.” (Accrued Interest)

Who is holding all those Treasury securities? (Alea)

More on Cramer. (blog.pmarca.com)

Is this a viable investment strategy? If it goes down, just keep buying. (Daily Options Report)

Another “victory” for activist investor Carl Icahn against Motorola (MOT). (DealBook, Deal Journal, Tech Observer)

Alpha has “leaked out” of the U.S. hedge fund industry over time. (Infectious Greed)

“By controlling our exposure to risk and reward, we control the degree to which our brains get hijacked.” (TraderFeed)

The difference between return spillovers and volatility spillovers. (SSRN.com)

“(I)f inflation is the bigger threat, Bernanke’s current game plan looks rash if not irresponsible.” (Capital Spectator)

On commodities and monetary policy, “Swings in relative prices of this magnitude are destabilizing.” (Econbrowser)

Is the government now on the hook to backstop all investment banks? (EconLog, Prince of Wall Street)

Has market liberalization, and the securitization crisis it wrought, reached its natural limits? (Economist’s View)

What to expect from Congress on the housing front. (Dash of Insight)

Thinking about econoblog business models.  (Abnormal Returns)

Why do cars have to be so fast?” (American.com)

The world’s biggest bunny. (dailymail.co.uk)

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