Book review: Phishing for Phools: The Economics of Manipulation and Deception by George A. Akerlof and Robert J. Shiller has a “simple but powerful thesis.”  (Reading the Markets)

Quote of the Day

"Buybacks do not destroy the cash used. The cash goes to stockholders — often pension funds or mutual funds — that reinvest it, presumably in younger firms that are cash-starved and hungry to expand. This is not to say that buybacks are always benign."

(Mark Roe)

Chart of the Day

Commodity sentiment is at rock bottom levels.