Bill Gross at Pimco:  “The cult of equity is dying.”  Sounds like something a guru would say as equity markets navigate the second half of a secular bear market.  Meanwhile, Asian Millionaires Take Charge of Own Wealth in a interesting piece at Bloomberg.  Add another hedge fund titan scaling back in today’s markets (NY Times).

Grantham on resources, particularly food:  GMO.  Remember when Molycorp (MCP) was a high flyer?  Mining

Days Supply of Global Grains Stocks 1960-2012 from Gregor.  Seasonal drought outlook:  Mays Report.

Rail Traffic Pushes To Year’s Highest Level at Value Plays.  Rail and port securities should be derivative play on our coal rebound discussion.

Excesses of  the “housing boom” have been largely eliminated at Sober Look.

Career advise for a young man:  ChessNwine.  Yet Americans spend more than 100,000 years a month on facebook.

Non-farm payrolls at Chart of the Day.  Bond topping process at Image Shack.