This post provides links to a number of thought-provoking articles I have read over the past few days that you may also find interesting.

• Byron Wien (Financial Times): Focus on big ideas for the best chance of future returns, September 15, 2009. For some time now I have wondered why investors spend so much time trying to anticipate small changes in corporate performance or economic activity, when it is the big shifts that provide the greatest opportunity to make serious money. Perhaps it is easier to figure out whether a company’s quarterly earnings are going to beat the estimates of security analysts or whether the monthly unemployment rate will be higher or lower than expected, but I believe it is better to spend your time trying to think through important trend changes and then waiting them out.

• Andrew Ross Sorkin (The New York

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Pequot CapitalPequot Capital Management Hedge Fund NoteThe following piece on Pequot Capital Management is being published as part of our daily effort to track hedge fund events and managers in the industry. To review other hedge fund related announcements and manager notes please see our Hedge Fund Tracker Tool._____________________________________________________In 2004, Pequot expanded its upper management team. “Employee-owned, Pequot Capital offers funds that focus on technology, health care services, and small-cap firms to institutional investors and wealthy individuals.”Pequot Management’s venture capital arm, “Pequot Ventures” split from the company and formed “FirstMark Capital”. The move was described as “the next logical step” for both Pequot Capital and Pequot Ventures. The move does not appear to effect Pequot Capital’s Hedge Funds since ...

A few stray items.This week's interview in Barron's was with Byron Wien. There were several interesting nuggets including this comment; ...whenever a category in the Standard & Poor's 500 gets to be more than 20%, you should probably pay attention, because a reversal is probably in store.This is something I have harped on many times before, not that I claim any originality.It makes sense to pay attention to sector weightings and pay heed to distortions from the norm. The crew at Bespoke usually has good info on this sort of thing. A sector becoming 30% is a clear warning (energy in the early 80's and tech at the start of this decade) but 20% might be a little less clear. Financials historically have been in the mid teens but had been hovering around 20% for several years ...

On Tuesday, which strategist told “Market Insider” Patti Domm that stocks are actually bottoming?

Market strategist Byron Wien says the stock market is in the process of bottoming, and it will perform more strongly by year end.