Book review: Matthew P. Erickson makes the case for active management in Asset Rotation: The Demise of Modern Portfolio Theory and the Birth of an Investment Renaissance.  (Enterprising Investor)

Quote of the Day

"One of biggest investing lessons I've learned is that the more precise you try to calculate, the further from reality you're likely to end up."

(Morgan Housel)

Chart of the Day

Hedge funds now hold their first ever net short position in gold futures.