Wednesday Reading

Full day today. More tomorrow...

• 'Tis the season for annual reports, and Daniel Gross says enough already. We couldn't agree more--especially after receiving two copies of the same annual report for the same investor at the same address. But because the shares are held in two retirement accounts...two reports! We'd rather get a better dividend.
• The pretty much incomparable Roger Lowenstein has a super piece on the rating agencies in this Sunday's New York Times Magazine. Check it out. (Via Ritholtz; see also this brief commentary from Calculated Risk.)
• We are definitely not calling a top in the fertilizer group (not with this kind of pricing power). But let's be honest: Yesterday's furious IPO of Intrepid Potash, coming on the heels of a truly parabolic run in the group over the last several weeks, does have a certain late-in-the-game feel, doesn't it?
• Here's a sensible summary of uncertainty in the capital markets from James Picerno.
• Concerns about the dollar persist...and get some good coverage here from Yves Smith.