Book notes: Why a focus on GDP is misleading, insights from Dirk Philipsen’s The Little Big Number: How GDP Came to Rule the World and What to Do about It. (Fortune)

Quote of the Day

"In short, Vanguard was built to deliver relative predictability. It does that task better than any other fund company. As a result, it has become the world's largest fund company, in a runaway."

(John Rekenthaler)

Chart of the Day

This seems like a big deal. Money is now flowing out of 401(k) plans.