Good morning. So… How much higher can stocks go without earnings growth…?

http://www.zerohedge.com/news/2013-08-08/multiple-expansion-not-sustainable-guggenheim-warns-take-profits

Performance of some of the European economies from the start of the credit crisis…

http://www.businessinsider.com/european-gdp-since-pre-crisis-chart-2013-8

Bill Gross at the Somme, and a sharp reaction from alphaville
http://media.pimco.com/Documents/InvestmentOutlook_BondWars_1986.pdf
http://ftalphaville.ft.com/2013/08/08/1596532/no-bill-losing-money-on-bonds-is-not-like-dying-at-the-somme/?

Small update on the earnings season in the US

http://www.bespokeinvest.com/thinkbig/2013/8/8/sector-performance-on-earnings.html

This should be worth a read: a study by goldman sachs into ‘disruptive themes’ like 3D printing, alternative capital or LED lights…

http://www.zerohedge.com/news/2013-08-08/goldmans-top-disruptive-themes

Interesting chart showing the number of dividend cuts in the US. I am a bit surprised by the 2012-’13 spike, though…

Ok, so this is from a BIS conference held in january (old), but the topic is still current: “Sovereign risk: a world without risk-free assets?“
http://www.bis.org/publ/bppdf/bispap72.htm

Longest study yet into the momentum trading strategy. It works, but sometimes you have to wait very long for your excess return… (via @ronalddoeswijk)
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2292544

Some informative charts on private equity

http://www.businessinsider.com/pe-firms-are-raising-money-since-2009-2013-8

Not surprising and not very economic, but I thought it was worth sharing nevertheless…

http://online.wsj.com/article/SB10001424127887323997004578640531575133750.html

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