Izabella Kaminska, "Are they [economists], to be blunt, applying 20th century economics to 21st century economies? And is this perchance why so many models have been going awry." (FT Alphaville)

The holy grail of investing: hard work, gain experience, learn from mistakes, and build confidence. (Joe Fahmy)

On the importance of learning to take losses. (Kid Dynamite)

There is really one critical distinction to make when it comes to the issue of high asset class correlations. (Aleph Blog)

Much time and effort has been spent in trying to achieve superior returns when a more modest goal is more appropriate. (Above the Market)

Hey CEOs a quick tip, don't fudge your academic record. It's pretty easy to check up on. (Dealbook also AllThingsD, Eric Jackson)

Talk that Facebook ($FB) is going to allocate a big slug of stock to individual investors. (Dealbook)

David Einhorn has taken a big stake in fellow money manager Oaktree Capital ($OAK). (Market Folly)

Investment advisers

Hopefully the last word(s) on the Betterment-advisers kerfuffle. (RIAbiz also The Reformed Broker)

The managed ETF portfolio space is growing rapidly, however beware high fees. (RegisteredRep)

Automation is coming to financial advice but there is still a human on both sides of the relationship. (I Heart Wall Street)

Public hedge funds have not had a good time of it of late. (research puzzle pix)

Some institutional investors are double-dipping as both LPs and shareholders in publicly traded PE firms. (peHUB)

Economy

April non-farm payrolls disappointed as Americans continue to drop out of the labor force. (Calculated Risk, ibid)

More reactions to the mixed message out of the jobs numbers. (Economix, EconomPic Data, Felix Salmon, Floyd Norris, Mark Thoma, Real Time Economics, The Atlantic, Bonddad Blog)

Now is the time in the cycle for a productivity slowdown. (Real Time Economics)

The US did a better job of combating the recession than did Europe. (Floyd Norris)

Still no inflation here. (Pragmatic Capitalism)

Earlier on Abnormal Returns

Stefan, "Abnormal Returns is easy to read and Tadas has an ability to explain even relatively complex concepts in a understandable way. " (Smarta Investeringar)

What you missed in our Friday morning linkfest. (Abnormal Returns)

Good news/bad news

Mice that eat yogurt have larger testicles. (Scientific American)

Due to drug resistance, gonorrhea may soon be untreatable. (Scientific American, Wired)

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