Book recommendation: Adam Ozimek writes: “Anyone interested in education, social science, or economics should read this book [Hive Mind: How Your Nation’s IQ Matters So Much More Than Your Own].”  (Forbes)

Quote of the Day

"Practically, the time horizon of an average investor in mutual funds is inversely proportional to the volatility of the funds they invest in."

(David Merkel)

Chart of the Day

Crude oil is at six-year lows.