Book alert: Andrew Ang’s Asset Management: A Systematic Approach to Factor Investing “represents a comprehensive, clearly written and accessible review of the latest thinking in modern financial theory.” (ETF)

Quote of the Day

"This makes the concept of value a very tricky indicator in a macro sense...So beware the fallacy of composition here – what works at the individual stock level doesn’t necessarily work in the aggregate."

(Cullen Roche)

Chart of the Day

The S&P 500 is at new highs even with the VIX in the mid-teens.