<b>The Takeaway:</b> The uselessness of money management

Portfolio

Oops. Even the smartest guys in the game have trouble with market-timing.  (Above The Market)

JPMorgan goes crazy-bullish: S&P target taken from 1580 to 1715.  (The Tell)

Ed Yardeni: PE ratios are merely expanding from fear-depressed levels, this is mean reversion and not a mania.  (Dr Ed’s Blog)

Yes, stocks are up and no, this is not 1999.  (The Reformed Broker) and (Business Insider)

The Biz

Chinese investment banks invading Wall Street. Wonder if they’ll undercut us on M&A and underwriting fees…  (DealBook)

On the indispensability of Jamie Dimon.  (The Epicurean Dealmaker)

Active mutual funds are hilariously investing in passive ETFs.  (WealthManagement)

The money management industry is now the decider of how much gold is worth. That’s some safe haven.  (Focus On Funds)

Every Day is an Investment: How are you investing your time? To whom are you giving it to?  (Seth’s Blog)

Justin Fox on the uselessness of the asset management industry.  (Harvard Business Review)

Outliers

Which Wall Street celebrity is buying the penthouse of Manhattan’s One57 for over $90 million?  (Curbed)

***

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.