Book notes: Vitaliy Katsenelson writes Guy Spier’s The Education of a Value Investor is “one of the best books I’ve read in 2015.”  (Institutional Investor)

Quote of the Day

"There are times when stock prices are so high that even modest concerns can shake them, such as the 1987 and 2000-02 sell-offs. I don’t believe that today is one of those times."

(John Rekenthaler)

Chart of the Day

The technology and consumer discretionary stocks have had a good run of late.