Hottest links for Wednesday September 11th, 2013 (see Tuesday‘s edition of hottest links here). Top stories for the day include: There are some new names in the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA), a look back at the changes from 1886 to yesterday; Another great post on the topic of auditing & audits from the expert CPA, Francine McKenna; While Herbalife Ltd. (NYSE:HLF) cannot stay out of the news, an in-depth look at a different Bill Ackman bet, Air Products & Chemicals, Inc. (NYSE:APD); Simon Lack on the problem with all these strategies being used to protect investors from rising rates; A great analysis of Tesla Motors Inc (NASDAQ:TSLA) from a value investor; 20 close-ended funds that are trading at discounts and you may want to consider; How many people are really long-term investors?; In-case you missed it Apple Inc. (NASDAQ:AAPL) launched a new iPhone or something yesterday; Good post on market strategies, applicable whether or not you are in the industry; Applying net-net strategies to junk bonds? That and much more below.

Hottest Links

Hottest Links: Stories

On the immorality of stake-free forecasts

This is the argument laid out in a recent EconTalk podcast with Nassim Taleb, the author of Antifragile: Things That Gain from Disorder. This idea could and (possibly should) have ranging impact on blogs. [Tadas Viskanta, Abnormal Returns]

The Dow Through the Years

The SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) made its official debut in on May 26, 1896, with a list of 12 stocks, one of them General Electric Company (NYSE:GE). Along came General Motors Company (NYSE:GM) and Eastman Kodak Company (OTCMKTS:EKDKQ). Now a few names have been added and dropped as well; UnitedHealth Group Inc. (NYSE:UNH) replaced Kraft Foods Group Inc (NASDAQ:KRFT) and added 3M Co (NYSE:MMM), Alcoa Inc (NYSE:AA), American Express Company (NYSE:AXP), AT&T Inc. (NYSE:T),  Bank of America Corp (NYSE:BAC), The Boeing Company (NYSE:BA), Caterpillar Inc. (NYSE:CAT), Chevron Corporation (NYSE:CVX), Cisco Systems, Inc. (NASDAQ:CSCO) and The Coca-Cola Company (NYSE:KO). [Paul Vigna, The Wall Street Journal]

Audit Report Proposal Promises More Holes Down The Road

Several commissions examined both the auditor’s responsibilities and the form of the auditor’s report in the 1970s and 1980s. These commissions made several recommendations to change the auditor’s report; however, only a limited number of changes were made in response to these recommendations. [Francine McKenna , re:The Auditors]

Fiduciary Standards Help Advisers Grab Shares

Registered investment advisers want you to know the difference between the fiduciary and suitability standards. What the heck is the latter? Find out in this article. [Teresa Rivas, Barron’s]

The Problem With “Rising Rate” Strategies

In recent weeks we have heard people asking for (and many firms pitching investors about)  assets commonly referred to as “rising rate strategies”. It’s a seductive concept; interest rates are almost assuredly headed higher, but not without their fair share of problems.  [Simon Lack, SL Advisors]

Air Products & Chemicals Improving Sentiment

While Pershing Square Capital Management remains very tight-lipped about Air Products & Chemicals, Inc. (NYSE:APD), the company got another upgrade recently. Check out an in-depth analysis of the company and some of the activist news. [Tabinda Hussain, ValueWalk].

A Good Marketing Strategy Begins With Effective Advertising Measurement

The reality is that generally, half of your advertising is not wasted.  But any wasted advertising needs should clearly be avoided.  In order to assure that doesn’t happen, effective advertising measurement becomes a VERY important step in any good marketing strategy. [Jeff Kessler, DCmarketingpro]

Apple: iPhone 5S, 5C To Release Today

Apple Inc. (NASDAQ:AAPL) is about to release the iPhone 5s and the iPhone 5c. The presentation, which is starting in Cupertino at 1 pm EST, is hotly anticipated by swathes of the tech community and huge numbers of investment and finance aficionados alike. [ValueWalk]

Greylock raises $1 billion to find the next LinkedIn

Greylock Partners has raised $1 billion for its 14th venture capital fund, which will be used to help it find the next LinkedIn Corp (NYSE:LNKD) or Workday Inc (NYSE:WDAY). “We just didn’t find the opportunities in growth that we expected,” explains Greylock partner David Sze, whose deals have included Facebook Inc (NASDAQ:FB), Groupon Inc (NASDAQ:GRPN) and Path. All we can say is good luck finding a stock which becomes one of the most trafficked websites on the planet, and has a PE of about 10,000! Check it out here. [Dan Primack, Term Sheet]

Tesla Motors: A Disruptive Company but Speculative Investment

In August, Tesla Motors Inc (NASDAQ:TSLA) tacked on another 25.85 percent, bringing its year-to-date gain to 498 percent, up nearly five times from its 2012 close. [Jason Gilbert and Elliot Turner, RGA Investment Advisors]

Investing in Junk Bonds

I never fully understood junk bond investing before reading a book called ‘How to Make Money with Junk Bonds’ by Robert Levine, but I had always felt that there was a similarity between investing in junk bonds and investing in net-nets and deeply undervalued companies. [Nate Tobik, Oddball Stocks]

Few Outperforming Mutual Funds

To quote Justin Timberlake, “yesterday is history, tomorrow’s a mystery”. It appears this is just as true of love as it is of mutual funds. That’s according to the findings from a new survey from Gerstein Fisher. [Teresa Rivas, Barron’s]

Morgan Stanley Now Obeying Rules, Reducing Risks, Eating Cupcakes

By both force and choice, Morgan Stanley (NYSE:MS) has upended its culture and ethos. Go-go trading businesses—once hailed as its future—are gone or curtailed. [Matt Levine, Bloomberg]

20 Large CEF Discount and Premium Changes

The taper caused a big sell-off in many closed-end funds, or CEFs. Because most CEFs are relatively thinly traded and moderately leveraged, their share prices tend to amplify the market’s emotions. Many of these CEFs have bounced back, but many still trade at a discount. A look at some opportunities in CEFs. [Mike Taggart, Morningstar]

Are Too Many Long-Term Investors Too Short-Term?

Many claim to be long term investors and either worship at the feet of Warren Buffett and/or own shares in Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) (usually the B shares), but how many of us actually are long term investors? How many corporate CEOs think long-term? [A. Michael Lipper, CFA Institute]

Not the Onion

Guantanamo Judge Makes Secret Ruling on Secret Motion

During a secret hearing at Guantánamo, the military judge in the 9/11 death-penalty case ruled against a secret government request to withhold information from defense lawyers for accused Sept.  [Carol Rosenberg, Stars and Stripes]