<b>The Takeaway</b>: Stocks at their most overvalued since 2007

Portfolio

According to one historically accurate measure, stocks have not been this overvalued since the peak in 2007. (I’m selling everything because valuation is always such a great timing tool.)  (MarketWatch)

Are REITs the ultimate inflation hedge?  (Cohen & Steers)

The latest buys and sells by hot-hand David Tepper (Appaloosa).  (Focus On Funds)

Investing in a rising rate environment.  (CapitalSpectator)

Why are SPACs so successful for brokerage sales forces? (hint: the ongoing financial illiteracy epidemic)  (DealBook)

The Biz

RIA firms expected to grow business at almost double the rate of their wirehouse counterparties.  (Investment News)

Kevin Noblet: Here’s why RIA firm mergers have ground to a halt.  (Wall Street Journal)

Fidelity launches the first investing app for Google Glass. Although why you’d need to be checking your portfolio while walking around looking ridiculous is not something they can answer yet.  (ThinkAdvisor)

Why are all the new Wall Street CEOs so boooooooooring?  (New York Magazine)

Don’t be shy about talking to clients about fees.  (Investment News)

The first-ever Twitter ponzi charged by regulators.  (The Reformed Broker)

Michael Kitces: We need to come up with some better names for Monte Carlo planning outcomes.  (Nerd’s Eye View)

Outliers

How to make 7900% in two days thanks to Twitter.  (ZeroHedge)

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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.