Hot Links: Ambushing Einhorn

Stuff I’m Reading this Morning…

The $2.7 trillion hedge fund industry is now more correlated with the stock market than at any time since just before the financial crisis.  (FT)

M&A explodes in the first half of 2014 – $1.77 trillion in deals announced year-to-date!  (DealBook)

Toby Carlisle – sorry, value stocks won’t help you avoid drawdowns during the next meltdown.  (Greenbackd)

The financial media is lazy and persists in referring to Amazon as “profitless”.  (PeridotCapital)

How a gambling bigshot ambushed (and knocked out) David Einhorn at the World Series of Poker a big poker tournament.  (BloombergView)

…but don’t feel too bad for David – his Greenlight fund is up 8% year-to-date.  (ValueWalk)

If its such a “great environment for stockpickers”, why are they still lagging?  (Indexology)

David Blair on the Availability Bias.  (SMB)

July has been a negative month for US stocks 53.7% of the time going back to 1960 – but the median return is still slightly positive, so whatever.  (PriceActionLab)

Thousands of Morgan Stanley brokers set loose on Twitter – it’s our lucky day!  (Telegraph)

Carl Richards: Check yourself for expectations that are getting out of control.  (NYT)

This combination of factors should combine to keep rates low for longer than the consensus expectations.  (ETF)

Very few second acts for crash-callers…  (TBP)

Are you starting to notice the “buy now” buttons on your Twitter stream? It’s on like Raekwon.  (Recode)

Janet Yellen’s Georgetown neighbors not thrilled with the security detail that shadows her. Tough shit, Janet’s running the world right now.  (WSJ)

Hot girls surfing. You’re welcome.  (Brigade)

The new book – Clash of the Financial Pundits – now available for pre-order!