Good morning. Interest rate spreads in credits seem to have decoupled from leverage…

http://www.zerohedge.com/news/2014-03-20/just-two-charts

“Why Do High Frequency Traders Never Lose Money?”
http://www.bloombergview.com/articles/2014-03-20/why-do-high-frequency-traders-never-lose-money

A bit of history…. On the Dutch VOC.

http://www.businessinsider.com/dutch-east-india-company-holdings-2014-3

And talking about history…

http://www.economist.com/blogs/graphicdetail/2014/03/daily-chart-15

Haven’t seen this in a long time: an article on target 2 balances

http://www.voxeu.org/article/historical-lessons-target-imbalances

Ah! Another Japan-collapsed-so-what-will-happen-to-China?

http://www.businessinsider.com/why-china-needs-to-push-through-reforms-2014-3

An optimist says: be long equities. Always.

http://www.bespokeinvest.com/thinkbig/2014/3/20/spring-forward.html

And yet another chart on Euro-Russia trade

http://www.zerohedge.com/news/2014-03-20/mapping-europes-mutually-assured-economic-destruction-eu-plans-more-sanctions

Two months and then Portugal has to take a choice

http://www.economist.com/news/finance-and-economics/21599371-portugals-economy-better-shape-it-vulnerable-any-turbulence-final

Numerous charts showing the investment psychology…

http://www.ritholtz.com/blog/2014/03/psychology-charts-sentiment-cycles-updated/

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