TD Models Advisor Pay Plan – the real reason it does not want to get rid of embedded commissions and introduce best interest standards….

“We now have aligned ‘pay for performance’ to strategy,” states the compensation document. “We want your practice, on average, over time, to grow faster and be more productive and profitable than our competition.”

Finance and the Death of Trust (Institute for New Economic Thinking)

Charles Ellis, CFA, on the Investment Profession: “We Can Do Better” (CFA Institute)

November Fund OBSERVER 2013 (Canadian Fundwatch)

Frequently Asked Question- What is a code of ethics and how does a corporation or organization develop one? (EthicScan)

Eugene Fama and Efficient Financial Market Theory (WSJ)

Money-go-round theme du jour, bonds beat cash  & Draghi on the edge of deflation (FT’s Alphaville)

Citi’s Economic Surprise Index Has Been Falling All Month And Is On The Verge Of Going Negative (Business Economics, hat tip Abnormal Returns)

The Value Returns to Value Investing (Institutional Investors, hat tip Abnormal returns) –  high to low P/B spreads also appeared most elevated at market peaks, which is no real comfort.

JP Morgan sees ‘most extreme excess’ of global liquidity ever (Telegraph)

 Permalink to Will the Fed push EM over the edge- & Permalink to Equity multiple expansion to the rescue. A benefit to high yield - (Bond Vigilantes – M&G)

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