Book review: The Devil’s Financial Dictionary by Jason Zweig is “just a sheer delight.” (ETF)

Quote of the Day

"There is no natural source of alpha, or risk-adjusted outperformance. In other words, if I’m an active manager, the only way I can have a positive alpha, is if someone else has a negative alpha."

(Craig Lazzara)

Chart of the Day

Weird things are happening in financial markets including negative swap spreads.