<b>The Takeaway:</b> SEC warns money funds about defaults

Portfolio

And now…the Bull Case for China (yes, it exists).  (FT Alphaville)

Why Bill Ackman’s Herbalife trade was flawed from the start.  (Bronte)

…meanwhile, Dan Loeb’s trade in Yahoo works like a charm – he even convinces the company to buy some of his shares back for the dismount.  (Forbes)

The Biz

Is “active share” the last selling point left for the mutual fund industry?  (Investment News)

Your clients are actually competing with you more than any other factor. Huh?  (ThinkAdvisor)

U.S. SEC to money market funds: be prepared for tri-party repo defaults  (Reuters)

A million bucks is barely a million bucks these days.  (Working Capital)

William Cohan puts Elizabeth Warren in check on market history.  (Bloomberg)

Outliers

The era of great market-timers is in the past, probably never to return.  (The Reformed Broker)

***

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.