Book notes: America’s Bank: The Epic Struggle to Create the Federal Reserve by Roger Lowenstein is a “gripping tale.”  (Fortune)

Quote of the Day

"The biggest problem for fund shareholders is not what is done outside the law, but rather within it. The 12b-1 fee should not have been invented, nor should it continue to exist. Its abolition would immediately and dramatically lower fund expense ratios."

(John Rekenthaler)

Chart of the Day

We are back to August-low levels.