I don't have the time to do anything more than pass these along (and Joseph has even less), but these are worth your time.
First, Barry Ritholtz looks at the upper and lower bounds for returns on market timing strategies and comes up with some interesting conclusions.
Second, Wolf Richter shows how a carefully placed (and even more carefully leaked) investment of $20 million has caused the valuation of a company with no revenue and virtually no business plan to go from an unjustifiable $2 billion to a surreal $10 billion (and, more importantly, caused a ripple effect through the entire IPO market).
Wednesday assorted links
1 hour ago