Earlier this week I made an across the board swap that is worth talking about. I sold China Mobile (CHL) and then replaced it with Partners Communication (PTNR).

From the top down this does not change the exposure to equities or to the telecom sector but it does mostly eliminate China and increases Israel (we've held Teva (TEVA) for years now). We still have a little China as embedded in some of the ETFs we use.

Monica writes in:

I don’t understand how you can recommend that people shop in thrift stores for clothes. The stuff there is usually worn out and just looks bad and outdated. I would never wear that stuff to work.

It sounds to me like you’ve made up your mind about thrift stores and secondhand stores before even stepping inside the door. I’ll make the case anyway.

Chart of The Day: "Today's chart illustrates how the recent rise in earnings has impacted the current valuation of the stock market as measured by the price to earnings ratio (PE ratio). Generally speaking, when the PE ratio is high, stocks are considered to be expensive. When the PE ratio is low, stocks are considered to be inexpensive. From 1936 into the early 1990s, the PE ratio tended to peak in the low 20s (red line) and trough somewhere around seven (green line).

Here's what I'm reading this afternoon:

1. Triple whammy of trading costs, taxes, and inflation drags down returns on US stocks (with Bloomberg chart graphic).

2. Greece lifts a page from Citigroup's playbook - Jonathan Weil.

3. Barry Ritholtz' take on derivatives regulation.