Book note: Why it is absurd to obsess over the decisions of 17-year olds. Insights from Frank Bruni’s Where You Go is Not Who You’ll be: An Antidote to the College Admissions Mania.  (Fortune)

Quote of the Day

"The evidence is clear. The top 10 non-traditional bond funds are simply substituting one risk for another. In an effort to reduce the aforementioned duration risk, these funds are taking on risks of a different sort."

(Joshua Brown)

Chart of the Day

The boom in currency-hedged ETFs illustrated.