Monday

• A key demonstration of the need for better oil transportation infrastructure in the United States is the price gap between West Texas Intermediate, a light, sweet crude traded in Cushing, Oklahoma, and Brent, a similar crude from the North Sea.
• Stableboy on his Mattress Firm short: "This company made $15 million in fiscal 2011. It is now trading at 75x that. It might make sense to pay 75x trough earnings for this business, but fiscal 2011 definitely wasn’t a trough year for earnings."
• Latest Hussman: "Following the coordinated easing and 3-year liquidity operations of the ECB and other central banks, a collective sigh of relief became clearly observable in a burst of pent-up economic activity in recent months. It is still very unclear that this is a sustained or sustainable improvement, and even the latest data from the OECD leading indicators last week did not do much to ease our broad economic concerns."
• Inc on sleep and productivity: "Lose just one night's sleep and your cognitive capacity is roughly the same as being over the alcohol limit. Yet we regularly hail as heroes the executives who take the red eye, jump into a rental car, and zoom down the highway to the next meeting. Would we, I wonder, be so impressed if they arrived drunk?"
• Email: "pretty much the worst system you could design for task management. There's no concept of priority--by default, whatever is most recent is granted visual priority."
• Aleph reviews Encyclopedia of Muni Bonds.