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.