Book notes: Why we need to allow people and institutions to fail. Thoughts on Black Box Thinking: The Surprising Truth About Success by Matthew Syed.  (Economist)

Quote of the Day

"Finance is a simple industry made to look and sound complicated to justify fees. Active managers even use a Greek word – alpha – to describe what other industries call "doing your job."

(Morgan Housel)

Chart of the Day

Have Microsoft ($MSFT) investors been well served by stock buybacks?