Hottest links for Friday, March 21th, the late edition. Get our free daily newsletter and never miss a single linkfest. Also, now if you sign up you will get our new e-book on value investing.

Top stories for today are included below.  To kick off your weekend, we’ve got some great stories, including a piece that asks if Yahoo could be perhaps worth less than nothing, an assertion that money managers aren’t so much getting better as they are getting less bad, and a psychological insight into the madness of Wall Street.

Hottest Links: Stories

Value Investing

Using Your NCAA Bracket to Help Your Investing

Investors who listen to the “bracketology pundits” for a few minutes will find it familiar. There are plenty of buzzwords and opinions, but little supporting data. [Jeff Miller, A Dash of Insight]

Traders Gonna Trade

This year, Quicken loans is offering $1 billion for a perfect bracket, with the prize insured by Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B). But you probably shouldn’t play, and not just because your chances of winning are so slim. [Bob Seawright, Above the Markets]

Funds

Perils of Trying to Time the Market II

Comstock Capital Value Fund Class A (MUTF:DRCVX)’s approach is wide-ranging, including the analysis of specific equities, general stock market strategy, interest rates and real estate as well as long term macroeconomic themes centering on the interaction of inflation, debt, interest rates, economic growth and their effects on the stock, bond, commodity and currency markets. [KK, Brooklyn Investor]

HLS Hottest Links

European vs US Stocks on Price/Book

Eurozone stock valuations are attractive relative to U.S. stocks. As previously mentioned, we think Eurozone equities are inexpensive right now. If you look at the price to book ratio of the Eurozone versus the U.S. compared to the long term average, you can see there is much value to be had overseas. [Jousha M Brown, The Reformed Broker]

HLS-2 Hottest Links

Psychology Charts & Sentiment Cycles (Updated)

We are overdue for an update of these charts. [Barry Ritholtz, The Big Picture]

HLS Hottest Links

De-risk and return

Different investors are answering that question in radically different ways.  There are a variety of constituencies, some trying to de-risk relative to liabilities and some trying to boost returns in a low rate environment. [Tom Brakke, Research Puzzle Pieces]

Are Fund Managers Getting Better? Yes, But … They’re Merely Less Bad

The annual report card for active fund managers is here, and there’s some interesting news. Stockpicker performance improved not only on an absolute basis during 2013?s blowout bull market, but also in a relative sense versus the index. [Brendan Conway, Focus On Funds]

You Can’t Avoid Asset Allocation… Even If You Try

Some investors are under the illusion that they’re immune to asset allocation and all it implies for choosing how to design and manage a strategy. I frequently read stories in the financial press that suggest that the framework of a multi-asset-class portfolio is optional, perhaps even irrelevant, depending on the article. [The Capital Spectator]

Fundamental Value Funds: What Drives Their Performance?

The HFRI Equity Hedge Index gained 14% in 2013. At the beginning of last year that may have sounded great. Next to the S&P 500 (INDEXSP:.INX)’s total return of 32% for the year, not so much. [Megan Woods, FINalternatives]

Inside the Madness of the Stock Market

Remarkably, new research suggests that KAL might not just have been using his imagination to make fun of the way investors can turn on a dime for no reason whatsoever. He might also have put his finger on a psychological process that can make investors turn on a dime for a reason they’re entirely unaware of. [Jason Zweig, Money Beat]

Is Yahoo’s Business Worth Less Than Nothing?

Yahoo! Inc. (NASDAQ:YHOO)’s market value has doubled since Marissa Mayer took over as chief executive officer, which you might think would be cause for celebration. But more than all of those gains can be attributed to the gangbuster growth of Alibaba Group Holding Ltd. and Yahoo Japan Corporation (TYO:4689) (OTCMKTS:YAHOY), two thriving companies that are part-owned by Yahoo. [Matthew C. Klein, Bloomberg]

Hottest Links: Not The Onion

Honolulu Cops Want Permission To Sleep With Hookers
Perhaps giving a new meaning to “lei,” a law is pending in the Hawaii legislature that will keep the exemption in place for officers who are or claim to be acting in the course or scope of their duties. [Inquisitr]