<b>The Takeaway:</b> ‘Yes, but what does the Bubble Gum Ratio say?’

Portfolio

Russ Koesterich on using US sector ETFs to gain emerging markets exposure.  (iSharesBlog)

Introducing the Bubble Gum Stock Market Ratio.  (Rick Ferri)

PIMCO is crushing it in the active ETF category.  (ETF Trends)

iShares introduces its first active ETFs with a jaw-droppingly low internal expense ratio. Your move, State Street.  (Index Universe)

The Biz

JPMorgan recruits more advisors and brokers, new crop comes with $700 million + in assets.  (Financial Planning)

That Citigroup breakup you’ve fantasized about is not happening any time soon.  (Forbes)

Finra today withdrew a proposal that would have required brokers to post a link on their websites and social media to a database containing information about their disciplinary history.  (Investment News)

In a survey of over 500 high-net-worth investors, 80% said they thought commercial real estate will equal or top stock market performance over the next five years.  (Financial Planning)

Outliers

Ex-stockbroker turns rave and ecstasy kingpin. No, not me – some other guy.  (VICE)

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Disclaimer: Joshua Brown is an investment advisor representative with Fusion Analytics. The content above is for informational purposes only, nothing here should ever be construed as investment advice or a solicitation to trade any securities. Mr. Brown or his firm may be long or short securities mentioned above for client or personal accounts at any time.