Book recommendation: Olivia S. Mitchell recommends everyone read John Kenneth Galbraith’s The Great Crash: 1929.  (WSJ)

Quote of the Day

"The risk of paying too high a price for good-quality stocks – while a real one – is not the chief hazard confronting the average buyer of securities. Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. The purchasers view the current good earnings as equivalent to “earning power” and assume that prosperity is synonymous with safety."

(Benjamin Graham)

Chart of the Day

The ascent in the US dollar has finally slowed.