<b>The Takeaway:</b> The death of the small broker-dealer

Portfolio

Herb Greenberg: A stock that goes higher is not proof that the short thesis was invalid…or over.  (CNBC)

Once upon a time in 1996, Japan attempted a “taper” of its own. You were busy listening to “Bad Day’ song by Daniel Powter and watching ‘Deal or No Deal’ at the time, probably weren’t paying attention…  (Business Insider)

How much to investors (and their advisors) really understand about these tactical asset allocation funds they can’t stop buying?  (Morningstar)

Everybody’s freaking out about bonds now. Right on time.  (Focus On Funds)

Insurance companies will do anything for you to let them out of that guaranteed annuity they wrote for you a few years ago. Okay, not THAT, but anything else.  (Investment News)

The Biz

Financial planners and advisors: Michael Kitces has a summer book list for you.  (Nerd’s Eye View)

Is the “liquid alts” space ready for primetime yet?  (Financial Planning)

The Death of the Small Broker-Dealer (wow, who could’ve seen that coming???)  (WealthManagement)

The Financial Industry Regulatory Authority is conducting spot checks of firms’ social media communications on Facebook, Twitter, LinkedIn and blogs.  (Advisor One)

Outliers

Explosive court docs show Bank of America employees claiming they were awarded cash bonuses and gift cards for foreclosing on loans and delaying HAMP modifications.  (American Banker)

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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.