Book review: Wall Street Wars: The Epic Battles with Washington That Created the Modern Financial System by Richard E. Farley is a “fine work of popular financial history.”  (CFA Institute)

Quote of the Day

"We have become addicted to market liquidity. But it is too fragile and perverse in its effects on incentives to be viewed as a universal feature of our capital markets."

(Martin Wolf)

Chart of the Day

Why the pullback in the biotechs has been so brutal.