Holiday book alert. Walter Isaacson writing at The Atlantic recommends Steve Johnson’s How We Got to Now: Six Innovations That Made the Modern World.

Quote of the Day

Human nature conditions us to chase what has performed best. What has performed best feels good. And yet any student of the market knows that’s a dumb way to invest.

(Rob Arnott)

Chart of the Day

Just how badly junk bonds have underperformed stocks.