Friday links: twilight of the hedge funds

Looking behind the headline payroll figures and spotting a recession. (Market Movers, Bespoke Investment Group, Calculated Risk, DealBreaker.com, Big Picture)

Agency bond spreads are at levels not seen since 1986. (NYTimes.com, Aleph Blog)

Credit spreads blow out as new issue bond pricing goes back to basics. (Alea, ibid)

How mark-to-market accounting affects the market clearing process. (naked capitalism, FT Alphaville)

The muni bond market bounced back better than expected. (Accrued Interest, FT Alphaville)

Illiquidity and the risks of market mispricing. (Dash of Insight)

Leverage and the twin pressures of inflation and recession. (Slate.com)

Deleveraging and the “twilight of the hedge funds.” (Salon.com)

Anatomy of a hedge fund collapse. (Fortune.com)

Diversification has not served some large private equity firms, like Carlyle and KKR, well. (WSJ.com, breakingviews.com)

This is what you get when you ignore the “rules of the road.”  (Epicurean Dealmaker)

Pension funds are keeping an eye on Blackstone (BX) stock price. (Financial News)

Equity put-call ratios have spiked higher. (Trader’s Narrative)

Asset allocation and the quest for real returns. (IndexUniverse.com)

Are actively managed ETFs going to be a big yawner? (WSJ.com)

ETFs have an increasingly cult following. (ETF Trends)

It has been a disappointing decade for equities. (Bespoke Investment Group)

Erstwhile blogger Carl Icahn is going to appear on 60 Minutes. (CNNMoney.com)

Will opening the iPhone to developers transform the mobile computing market? (37signals, GigaOM)

“Emotional intelligence is a source of competitive advantage and of alpha.” (All About Alpha)

Intuition is more than a hunch, it is “the brain drawing on past experiences and external cues to make a decision – but one that happens so fast the reaction is at a non-conscious level.” (Science Blog)

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