Noted for your morning ruminations or procrastination – take your pick.

1. The “Efficiency” of the Market Doesn’t Matter to Smart Investors
   The EMH is essentially a political construct that argues that discretionary intervention is useless because “the market” is smarter than everyone else. It is a political argument against discretionary intervention that was constructed to create a theory of finance that was consistent with an anti government economic theory (Monetarism primarily). In essence, you can’t “beat the market” because the market is so smart.
2. Jeff Gundlach reveals his biggest mistake — and how you can avoid it
   The biggest mistake I made was not buying high-yield bonds in my total-return fund in October of 2002, when I put maximum weighting in every other strategy I ran. It’s because I was thinking too narrowly.
3. No Fed rate hike until March 2016, Morgan Stanley says
   “Based on our outlook, a rate hike as early as the Fed’s mid-2015 guidance looks increasingly implausible. Furthermore, we are shifting our longstanding out-of-consensus expectation for the first rate hike further out — from January 2016 to March,” said Ellen Zentner, economist at Morgan Stanley, in a research note.
4. He called $50 oil, now he says it’s going lower
   Driscoll was having none of it. Oil, gold, and other commodities, he told me, were in a secular bear market that could last another decade. He said oil would bottom out around $50 over the next 10 years.
5. Greek PM Alexis Tsipras unveils cabinet of mavericks and visionaries
   Displaying few signs of backing down from pledges to dismantle punitive belt-tightening measures at the heart of the debt-choked country’s international rescue programme, the leftwing radical put together a 40-strong cabinet clearly aimed at challenging Athens’s creditors.
6. China Accuses Alibaba of Lax Oversight of Merchants
   “The SAIC is now teaching Alibaba a lesson and telling it to learn its place,” said Li Muzhi, a Hong Kong-based analyst at Arete Research Service LLP by phone. “Many Chinese government agencies are probably not too happy with Jack Ma’s high profile, his initiatives in the financial sector and impact on the retail sector.”
7. Nobel Winner Shiller Says It’s Time to Buy Greek Stocks “You can’t free yourself from the prison of the zeitgeist unless you become a smart beta person and start mechanically doing investments that don’t sound right,” said Shiller. It also makes sense to invest in Russian, Portuguese and Italian equities, according to the model, he said.