<b>The Takeaway:</b> Anybody home? Wall Street gurus nap through four-year rally

Portfolio

Seasonal tendencies and average annual returns for the S&P would support the May pullback thesis.  (Charts Etc)

Wall Street chief strategists keep their world-renowned perma-wrong record intact, bravo.  (The Reformed Broker)

Jumpiness in the mortgage REIT sector – analysts from Jefferies and KBW weigh in.  (Focus On Funds)

Morningstar wants to know why Yacktman is charging such high fees for a clone of a lower-cost fund it runs. (Morningstar)

Rick Ferri: Houses are back to their long-term trend and okay to buy now.  (Rick Ferri)

The Biz

Warren Buffett tells the media he supports Jamie Dimon hanging onto the chairmanship at JPM.  (MoneyBeat)

Knight’s Reggie Brown, the world’s foremost expert on ETF trading mechanics, on the third anniversary of the Flash Crash.  (Index Universe)

Envestnet rolls out new data-heavy offering to advisers with all kinds of bells and whistles.  (Financial Planning)

How to work with Gen Y clients (hint: they love snacks and can you please distill your advice down to 140 characters?)  (Financial Planning)

It’s good to be Mario Gabelli.  (DealBook)

Michael Kitces: Some advisors are plaguing their clients with the “Paradox of Choice.”  (Nerd’s Eye View)

Outliers

Scariest sentence written today: “More insurers are turning to structured products to protect themselves from market risk while staying in the annuity game.”  (Investment News)

***

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.