1. A Fortune story (here) aptly titled “Facebook already went public and you were not invited!”
2. Wonderfully apt comments on today’s mortgage settlement (here).
3. Dim Sum Bonds anyone? (here).
4. January short interest on the NYSE is the lowest in a while (here).
5. The Facebook registration statement (here). And Big Pictures’ take (here). It would be remiss of me not to mention that just before Google went public in 2004, there was a lot of chatter about how overvalued it was, about how the metrics used may not be reliable and so on. Back then I attributed some of the grumbling to the Dutch auction that Google used for the IPO rather than the typical underwriting route. This time around, I am much more inclined to agree with the grumbling. Regardless, FB will be a must-have in too many portfolios. The question is at what price though.
6. The Big Data Meme (here) is now in the public eye post Davos. One application of this is clearly HFT. Mish has this lovely GIF on its increasing role (here). You would benefit from an explanation of what the axes represent, but as you watch it is clear that HFT’s influence is growing.
7. Sadly, Reuters talks about the twilight of the Bond King (here). For one of the early coronation stories of the Bond King go (here). No matter who you are, you are only as good as your last trade. Stated differently, traders are never happy. Obviously not if you lost some money. Even if you made some money, you beat yourself for missing many other opportunities!