Sorry for the delay in publishing this morning, we were having some technical issues...

“The long term bullish cycle in commodities will continue - we’re just seeing a pause right now.” Paul Reynolds, CEO, Canaccord Financial

Canaccord CEO

Mr. Reynolds

To start the day off we listened to the Canaccord Financial quarterly conference call hosted by CEO Paul Reynolds. In this dry resource market Canaccord are focused on expense reductions, acquisition cost synergies, and staffing reductions. They appear to be executing with approx. $47m in annualized costs eliminated over the past 12 months, however they did book a $20.6-million loss on the quarter.

The analysts and institutions on the call seemed positive. One suggested a share buy-back, to which Mr. Reynolds responded something to the effect of, "We're not out of the woods, yet." (Okay, I made that up, he said something more corporate but along the lines of caution).

He also said, “The long term bullish cycle in commodities will continue - we’re just seeing a pause right now."

Cheered me up a bit...

And now for the link-fest you've been waiting for:

The way forwardThe Economist

Baseball, business and bones are signs of Guggenheim's growthPensions & Investments

"Don't chase last year's winners," dad would say. Chart: the best and the worst asset classes of the last 5 years. Also Sprach Analyst

"Hedge fund beast Paul Singer is out with his Q2 commentary, always worth a read." Josh Brown - Singer's Elliott hedge fund struggled to make gains in quarterReuters

Private Equity In China: Too Much Money, Too Few Deals. Forbes

Barclays Names a New Chairman. Dealbook

Deflating... Gary Shilling: Fed Action Won't Make a Big DifferenceBloomberg

El-Erian Says Be Wary Of Steepening Yield CurveBloomberg

Private equity world skeptical about tieup with Best Buy founder. Reuters

Special Report – China’s answer to subprime bets: the “Golden Elephant”. Reuters

The Top 20 Firms Where Rich Families Put Their FortunesBusiness Insider

This guy is a trip! Roubini's Manic Highlight ReelBloomberg

Felix Salmon: Why investors should avoid hedge funds. Reuters

Median Wages Have PLUMMETED Since 1969Ritholtz

Real companies pay dividends. Abnormal Returns 

Sprott profit plunges 90 per cent. Globe and Mail

Anglo CEO Doubles Down On New Mines Amid Falling DemandBloomberg

Gold miners with bullion brawn. By Michael Bowman, a portfolio manager at Wickham Investment Counsel Inc. in Hamilton, Ont. Globe and Mail

Kinross management shuffle continuesGlobe and Mail  See also: Koven - Kinross Gold hunts for ways to cut expensesFinancial Post 

#HoweStreet. Small cap golds on a runFinancial Post

"College is a great place to meet girls. That's the main reason I decided to go." Elon Musk, SpaceX, Tesla, PayPal, etc.

10 Smart Things I've Learned from People Who Never Went to College. Forbes

Incredible photos. "After Mount St. Helens nearly killed her, Catherine Hickson would never be the same." The Cataclysm: “Vancouver! Vancouver! This Is It!”  Scientific American

The Fear and Loathing of the Paid and StrangeCNBC

Why Many CEOs Can't Build Legacies AnymoreHBR

Why Apple Will Turn to HologramsBusinessweek

Journalist Of TomorrowScientific American

Bill Gates Summer Reading List. Norm